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ORGANIZATION 

AND . 

Opening  Exercises 

OF  THE 


BOSTON  PRODUCE  EXCHANGE, 

SATURDAY,  SEPT.  22,  1877. 

ALSO, 

REPORT  OF  THE  EXCHANGE 

UP  TO 

DECEMBER  31 ,  1878. 


R.  H.  CHAMBERLAIN,  Secretary. 

ROOMS,  -  ROTUNDA  FANEUIL  HALL  MARKET. 


1879. 


PRINTING  DEPARTMENT,  DEER  ISLAND,  BOSTON  HARBOR, 


HF 

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msrafl  COLLEGE  Ilia  MAS® 

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513733 


OFFICERS  OF  THE 


BOSTON  PRODUCE  EXCHANGE 

FOR  THE  YEAR  1879. 


President, 

GEORGE  W.  FISKE. 


Vice  President, 

ewen  r.  McPherson, 


Secretary, 

RICHARD  H.  CHAMBERLAIN. 


Treasurer, 

JOHN  P.  HILTON. 


Directors'  ; 


CHAS.  E.  MORRISON, 
JAMES  M.  UPTON. 
CHANDLER  WRIGHT, 
EDWARD  D.  CHAPIN, 

CHARLE 


LUKE  W.  FOWLE, 
GREENLIEF  W.  SIMPSON, 
ALBERT  H.  FARNUM, 
DANIEL  F.  CAYERLY, 

II.  NORTH. 


4 


STANDING  CO  MMITTEES 

FOR  TIIE  YEAR  1879. 


Committee  on  Booms , 

DANIEL  F.  CAYERLY,  EDWARD  D.  CHAPIN, 

JAMES  M.  UPTON. 


Committee  on  Finance , 

CHANDLER  WRIGHT,  LUKE  W.  FOWLE, 

GREENLIEF  W.  SIMPSON. 


Committee  on  Complaints , 

A.  B.  BUTTERFIELD,  DAVID  ELLIS, 

RUBEN  P.  BENTON,  W.  W.  NOYES, 

JOSEPH  McINTIRE. 


Committee  on  Arbitration , 

W.  R.  BOYNTON. 
FREEMAN  J.  DOE, 

HENRY  FARNUM. 


Committee  on  Trade , 

FRED.  CROSBY,  H.  G.  SEAVERNS, 

W.  F.  ROBINSON,  MORRIS  B.  BOYNTON, 

JOSEPH  W.  TUTTLE. 


A.  D.  S.  BELL, 
CIIAS.  A.  RAND, 


Committee  on  Information  and  Statistics , 

L.  A.  BELKNAP,  STEARNS  R.  ELLIS. 

GEORGE  E.  MITCHELL,  WM.  F.  POOL, 

E.  E.  BALDWIN, 

#  * 


Committee  on  Brices , 

AMOS  KEYES, 

ROSCOE  T.  GREEN, 

C.  H.  STONE. 


Committee  on  Transportation , 

ISAAC  WATTS,  RUBEN  P.  BENTON, 

S.  P.  HIBBARD,  GARDNER  B.  CHAPIN, 


IRA  CHAPIN, 

C.  H.  ROBINSON, 


N.  E.  HOLLIS. 


5 


OFFICERS  OF  THE 

BOSTON  PRODUCE  EXCHANGE 

FOR  THE  YEAR  1877. 


President, 

FREEMAN  J.  DOE. 


Vice  President, 

SALMON  P.  HIBBARD. 


Secretary, 

JOHN  M.  CALL. 


Treasurer, 

JOHN  P.  HILTON. 


Directors*  ; 


DAVID  ELLIS, 

MORRIS  B.  BOYNTON, 
GARDNER  IL  CIIAPIN, 
BENJ.  HINCKLEY, 


RUBEN  P.  BENTON, 
CHARLES  H.  STONE, 
GREENLIEF  W.  SIMPSON, 
ALBERT  D.  S.  BELL, 


CHARLES  E.  MORRISON. 


6 


STANDING  COMMITTEES 

FOR.  THE  YEAR  1877. 


Committee  on  Booms , 

MORRIS  B.  BOYNTON,  RUBEN  P.  BENTON, 

GARDNER  B.  CHAPIN. 


Committee  on  Finance , 

DAVID  ELLIS,  SALMON  P.  HIBBARD, 

GREENLIEF  W.  SIMPSON. 


EDWIN  STEVENS, 
G.  W.  EISKE, 


Committee  on  Complaints , 

D.  E.  BUTTERFIELD, 
R.  S.  EDWARDS, 

GEO.  E.  MITCHELL. 


Committee  on  Arbitration , 

LUCIUS  SLADE, 

GARDNER  MURPHY, 

JOHN  FAXON. 


J.  LAMSON, 

S.  C.  MILLER, 


Committee  on  Trade , 

E.  A.  LORD, 

J.  M.  UPTON, 

H.  G.  SEAVERNS. 


R.  B.  FOSTER, 
JOHN  UTLEY, 


Committee  on  Information  and  Statistics, 


ISAAC  WATTS, 

P.  F.  STURGES, 

O.  W.  MEAD. 


A.  D.  HIBBARD, 
F.  E.  SULLIVAN, 


AMOS  KEYES, 
C.  E.  LOCKE, 


Committee  on  Prices, 


J.  W.  RANDALL, 
B.  P.  HODSDON, 


W.  W.  NOYES. 


7 


OFFICERS  OF  THE 

BOSTON  PRODUCE  EXCHANGE 

FOR  THE  YEAR  1878. 


President, 

AUSTIN  BELKNAP. 


Vice  President, 

SALMON  P.  HIBBARD. 


Secretary, 

RICHARD  H.  CHAMBERLAIN. 


Treasurer, 

JOHN  P.  HILTON. 


Directors ; 


JAMES  W.  ROBERTS, 
CIIAS.  E.  MORRISON, 
CHAS.  H.  STONE, 

E.  D.  CHAPIN, 
ALBERT  II.  FARNUM, 


G.  W.  SIMPSON, 
AMOS  KEYES, 
CHAS.  H.  NORTH, 
BENJ.  HINCKLEY, 
CYRUS  DUPEE. 


8 


STANDING  COMMITTEES 

FOR  THE  YEAR  1878. 


Committee  on  Booms , 

C.  E.  MORRISON,  G.  W.  SIMPSON, 

CYRUS  DUPEE. 


Committee  on  Finance , 

J.  W.  ROBERTS,  C.  E.  MORRISON, 

C.  H.  STONE. 


Committee  on  Complaints , 

A.  B.  BUTTERFIELD,  DAVID  ELLIS, 

W.  W.  NOYES,  GEO.  V.  FLETCHER, 

PETER  S.  ROBERTS,  JOSEPH  McINTlRE, 

R.  P.  BENTON. 


Committee  on  Arbitration , 

A.  D.  S.  BELL, 

CHANDLER  WRIGHT, 

HENRY  FARNUM, 


W.  L.  SOUTHARD, 
FREEMAN  J.  DOE, 
W.  R.  BOYNTON. 


Committee  on  Trade, 

JAMES  M.  UPTON,  H.  G.  SEAVERNS, 

W.  F.  ROBINSON,  MORRIS  B.  BOYNTON, 

JOSEPH  W.  TUTTLE. 


Committee  on  Information  and  Statistics, 


LYMAN  A.  BELKNAP, 

S. 

W.  F.  POOL, 

A. 

GEO.  E.  MITCHELL, 

L. 

11.  ELLIS, 

IX  HIBBARD, 
E.  PEIRCE. 


Committee  on  Prices , 

GARDNER  B.  CHAPIN, 

J.  W.  RANDALL, 

GEO.  L  FISHER, 

J.  W.  STONE, 


AMOS  KEYES, 

L.  V.  NILES, 

P.  F.  STURGES, 
I).  F.  CAVERLY. 


Committee  on  Transportation, 


ISAAC  WATTS, 
e.  r.  McPherson, 


GEO.  E.  MITCHELL. 


O.  W.  MEAD, 
J.  M.  CALL, 


EXERCISES 


AT  THE 

OPENING  OF  THE 

Boston  Produce  Exchange, 

in  the  Exchange  Rooms, 

Rotunda  of  Faneuil  Hall  Market, 
Saturday,  September  22,  1877. 


Prayer  was  offered  by  Rev.  Dr.  Lorimer ;  after  which 
President  Doe  spoke  as  follows  : 

Address  of  President  Freeman  J.  Doe. 

Gentlemen, — We  are  assembled  here  to-day  that  we  may  in  a  pub¬ 
lic  manner  open  and  dedicate  this  spacious  and  beautiful  hall  lor  the 
use  of  the  Boston  Produce  Exchange,  and  formally  inaugurate  the  ac¬ 
tive  operations  of  this  association,  which  has  been  formed,  as  stated 
in  the  act  of  incorporation,  for  the  purpose  of  promoting  and  increasing 
the  facilities  for  trade  in  produce  in  the  City  of  Boston  and  its  vicinity. 

The  produce  business  has  now  reached  such  proportions  as  to  make 
it  one  of  the  most  prominent  branches  of  trade  in  our  city.  For  the 
year  1876,  it  amounted,  in  the  aggregate,  to  nearly  eighty  millions  of 
dollars ;  and  now  that  indications  are  everywhere  pointing  towards  a 
general  revival  of  business,  it  is  evident  that  the  produce  interest  of 
Boston  is  to  assume  larger  proportions  in  the  aggregate  than  ever  be¬ 
fore,  and  that  it  is  necessary  for  the  trade — if  we  propose  to  keep  up 
with  the  times — to  secure  every  facility  for  the  transaction  of  its  busi¬ 
ness  that  can  possibly  be  obtained. 

The  Produce  Exchange  proposes  to  furnish  these  Facilities.  It 
offers  to  the  trade  the  use  of  this  spacious  hall  with  the  necessary 
rooms  adjoining,  the  same  to  remain  open  during  business  hours.  The 


10 


location  is  in  the  very  centre  of  the  produce  business,  and  of  course 
most  desirable.  For  the  flour  and  grain  interest  the  light  of  this  hall 
is  not  equalled  by  that  of  any  other  in  our  city,  and  we  would  call 
their  special  attention  to  this  fact. 

Arrangements  have  been  made  whereby  the  Exchange  will  be  able 
to  furnish  ample  daily  reports  from  the  principal  home  and  foreign  mar¬ 
kets,  giving  full  quotations  for  flour,  grain,  provisions,  butter,  cheese, 
fruit,  and  other  articles  of  produce  whenever  necessary. 

The  receipts  of  produce  arriving  on  this  market  will  be  collected 
daily  and  reported  on  the  bulletin  of  the  Exchange  the  same  day  as 
early  as  possible — various  newspapers  required  by  the  trade  will  here 
be  found  on  file — in  short  the  Produce  Exchange  will  endeavor  to  meet 
fully  the  wants  of  the  produce  interest  of  Boston. 


The  City  of  Boston  was  represented  by  His  Honor,  Fred¬ 
erick  O.  Prince,  Mayor. 

Address  of  Mayor  Prince. 

I  am  greatly  obliged  to  the  members  of  the  Produce  Exchange  for 
their  kind  invitation  to  be  present  on  this  occasion,  and  it  gives  me  great 
pleasure  to  do  so.  No  citizen  should  be  indifferent  to  what  concerns  the 
prosperity  of  Boston,  and  such  associations  are  most  valuable  for  the  pro¬ 
motion  of  trade  and  commerce.  Eor  this  reason  they  have  been  formed  in 
all  cities  of  importance,  for  the  benefit  of  agricultural,  commercial,  finan¬ 
cial,  manufacturing  and  mechanical  operations. 

At  this  time  they  are  most  important  institutions,  since  the  active 
competition  of  our  neighbors  for  the  extension  of  mercantile  relations  for¬ 
ces  us  to  the  exertion  of  all  our  powers  to  retain  our  share  of  the  business 
of  the  country.  I  am  not  of  those  who  believe  that  our  city  will  lose  its 
commercial  importance ;  that  its  trade  will  waste  away ;  that  its  wealth 
will  decline ;  that  grass  will  grow  in  its  deserted  streets  and  wharves,  and 
that  its  population  will  diminish.  I  do  not  belong  to  the  ignoble  army  of 
croakers.  Boston  has  always  had  a  proud  position  among  her  sister  cities. 
And  what  has  given  her  this  position?  Not  mines  of  coal  and  iron  and 
other  valuable  minerals,  not  rich  agricultural  land,  for  as  we  all  know,  na¬ 
ture  has  given  us  only  granite  and  ice.  But  the  intelligence,  industry,  en¬ 
terprise,  energy  and  pluck  of  her  citizens,  these  Puritan  virtues  have  estab¬ 
lished  amongst  us  manufactures  of  everything  needed  for  the  various 
wants  of  man,  and  carried  the  sails  of  commerce  to  every  portion  of  the 
globe,  so  that  we  are  known  everywhere  as  a  thrifty,  prosperous  and 
wealthy  community. 


11 


To-day  the  wealth  of  Boston  is  larger  than  that  of  any  American  city 
of  the  same  population,  and  its  credit  in  the  financial  markets  of  the  world 
stands  second  to  none. 

Boston  will  maintain  in  the  f  uture  its  rank  as  a  commercial  city ,  not¬ 
withstanding  the  great  efforts  of  the  Atlantic  cities  to  get  the  trans-Atlan¬ 
tic  trade,  and  that  of  the  West  and  the  South.  We  have  just  as  much  tal¬ 
ent,  just  as  much  energy  and  just  as  much  public  spirit  now  as  hitherto. 
We  have  still  our  Lawrences,  and  Appletons,  and  Shaws,  and  Sturgeses, 
and  the  other  merchant  princes  who  have  done  so  much  for  Boston.  The 
breed  still  survives,  and  will  again  come  to  the  front.  We  need  only  to 
arouse  ourselves.  We  must  not  permit  supineness  or  inactivity.  It  has 
been  said  that  the  price  of  liberty  is  eternal  vigilance,  so  the  price  of  com¬ 
mercial  prosperity  is  constant  watchfulness  and  constant  effort.  Nothing 
is  fixed  and  stable  in  this  world;  things  are  ever  fluctuating;  if  we  would 
continue  to  be  what  we  are,  we  must  work,  work,  without  ceasing. 

The  financial  affairs  of  the  country  just  now  are  in  an  abnormal  con¬ 
dition,  resulting  from  the  terrible  civil  war  in  which  we  have  been  engaged, 
but  they  are  adjusting  themselves,  and  depend  upon  it,  business  every¬ 
where  will  soon  revive.  The  tide  has  already  turned,  and  many  branches 
of  trade  show  increased  activity.  Whatever,  then,  advances  commercial 
improvement,  should  be  fostered,  and  as  I  have  said,  associations  like  this 
Exchange  are  most  salutary  and  beneficial  in  their  results  and  productive 
of  great  good.  They  aid  largely  in  the  success  of  the  particular  branches 
of  business  to  which  they  relate. 

Your  Exchange  will  help  both  yourselves  and  the  public.  It  will  bring 
you  together.  It  will  make  you  acquainted  with  each  other.  It  will  cre¬ 
ate  mutual  good  will  and  mutual  good  understanding.  It  will  establish  an 
esprit  de  corps  productive  of  the  happiest  results.  It  will  assure  honora¬ 
ble  conduct  between  the  members,  and  check  any  disposition  to  unfair 
dealing  by  the  exposure  which  will  come  upon  complaint  to  the  associa¬ 
tion.  It  will  advance  the  interests  of  dealers  in  produce  by  fixing  and  reg¬ 
ulating  prices,  and  these  advantages  to  the  members  must  result  in  benefit 
to  consumers  and  the  public  generally. 

The  produce  business  of  the  country  is  becoming  enormous.  It  is 
not  now,  as  hitherto,  confined  for  the  most  part  to  our  own  people. 
We  are  becoming  large  exporters  of  the  merchandise  known  under  the 
general  name  of  Produce.  Our  butter  and  cheese  and  beef  and  pork 
and  flour  and  fish  and  other  provisions  are  sent  everywhere  abroad. 
The  trade  grows  daily,  and  it  will  be  found  to  be  our  mission,  not 
only  to  teach  the  world  what  governmental,  educational  and  pliilan- 
tliropical  institutions  should  be,  but  to  feed  it  while  we  are  giving 
these  lessons. 

A  short  time  ago  when  wandering  in  the  streets  of  London  and 
Paris,  I  was  struck  by  the  quantity  of  Yankee  notions  I  saw  displayed 
in  the  shops — canned  goods  of  every  kind,  preserved  meats,  fruits  and 
vegetables,  even  the  American  grape,  otherwise  called  Bourbon  whis- 


12 


key,  and  other  like  necessaries  were  there  domesticated, — and  I  have 
often  noticed,  especially  in  Paris,  that  the  old  world  was  beginning  to 
appreciate  the  baked  beans  of  the  new.  It  was  a  pleasant  sight  and 
made  me  feel  that  civilization  was  indeed  advancing,  and  that  republi¬ 
can  institutions  were  yet  possible  in  Europe. 

Gentlemen,  I  congratulate  you  on  the  auspicious  commencement  of 
this  enterprise.  I  trust  the  Produce  Exchange  will  long  prosper  and 
accomplish  the  happy  results  you  anticipate.  You  have  excellent  quar¬ 
ters  here,  and  every  accommodation  that  you  need,  and  I  am  sure  that 
the  good  Avishes  of  the  whole  community  are  with  you. 


The  Press  was  represented  by  Mr.  Curtis  Guild,  of 
the  Boston  Commercial  Bulletin,  who  made  the  following 
address  : 

Mr.  President  and  Gentlemen ; 

There  may  be  very  little  poetry  in  potatoes,  romance  in  butter, 
or  beauty  in  beans,  but  that  the}’’,  and  the  whole  family  of  vegetables,  and 
those  products  of  the  earth  that  come  under  the  general  designation  of 
produce,  occupy  an  important  position  in  contributing  to  the  wealth  of 
the  country,  is  certainly  beyond  question,  and  a  solid  fact  in  which  there 
is  more  truth  than  poetry. 

The  magnitude  and  importance  of  this  trade,  twin  brother  to  the 
provision  trade,  can  hardly  be  imagined  by  those  who  have  not  exam¬ 
ined  its  statistics  and  noted  the  patience  and  skill  by  which  it  has  been 
worked  up  to  its  present  flourishing  position  in  Boston.  It  should  also 
be  a  source  of  congratulation  among  business  men  and  our  citizens  as 
it  doubtless  is,  that  tlie’re  is  that  esprit  de  corps  in  the  trade,  that 
prompts  its  members  not  to  be  satisfied  to  plod  along  at  leisure,  but  to 
form  a  bond  of  union  as  it  were,  whereby  the  interests  of  the  whole 
may  be  forwarded,  and  consequently  those  of  each  individual  advanced. 
Hence  I  take  it,  do  we  And  you  enterprising  gentlemen  uniting  in  the 
opening  of  this  elegant  exchange  for  the  interchange  of  views  and  ex¬ 
periences,  the  more  expeditious  transaction  of  business  and  a  unity  of 
purpose  among  the  trade  upon  important  questions  that  affect  it? 

I  might  remark  as  a  member  of  the  Board  of  Trade,  I  have  hoped  that 
we  could  have  a  building  spacious  enough  to  give  us  a  Produce  Exchange, 
Shoe  and  Leather  Exchange,  Brokers’  Board,  Corn  Exchange,  Lumber 
Exchange  and  Cloth  Hall,  all  under  one  roof,  their  areas  converging  to  a 
common  centre,  a  great  hall  like  this  for  a  general  exchange ; — but  the 
spirit  of  to-day  seems  to  be  in  favor  of  a  division  of  the  Branches  of  busi¬ 
ness,  each  to  its  own  special  headquarters. 


13 


But  this  movement  of  yours,  these  elegant  accommodations,  this  sub¬ 
stantial  company,  all  indicate  that  commercial  spirit,  that  industry  and 
care  of  business,  which  characterize  New  England  and  that  there  is  united 
effort  to  elevate,  advance  and  improve  it.  I  need  hardly  repeat  what  ap¬ 
pears  to  be  generally  known  of  the  occupants  of  this  market  and  its  imme¬ 
diate  vicinity ;  that  their  dealings  in  the  good  things  of  life  seem  to  have 
made  them  among  the  best  men  of  the  time,  genuine  and  hearty  in  expres¬ 
sion,  and  prompt  and  liberal  in  generosity. 

I  presume  this  is  hardly  the  time  or  place  for  dry  statistics,  but  mere¬ 
ly  for  congratulations  and  good  wishes  at  your  house  warming.  As  a  mem¬ 
ber  of  the  press  I  shall  consider  it  my  duty  and  it  will  be  my  pleasure  to  make 
use  of  every  opportunity  possible  to  advance  the  interests  of  the  trade  as 
far  as  I  am  able  in  the  columns  of  the  journal  under  my  management,  and 
here  let  me  say  that  the  press  of  this  city,  a  city  which  already  has  power¬ 
ful  and  vigorous  rivals  in  every  branch  of  its  commerce,  the  press,  which  is 
so  faithful  a  sentinel  in  this  respect,  should  allow  no  envidious  slur  upon  our 
commerce  by  the  journals  of  other  cities  to  pass  unnoticed;  no  incorrect 
statement  to  remain  unchallenged ;  spare  no  effort  to  constantly  present  to 
the  commercial  world  our  advantages  in  the  strongest  possible  light,  and 
avoid  magnifying  the  advantages  of  other  cities  to  the  detriment  of  our 
own.  The  New  York  Press  are  thoroughly  posted  in  this  direction,  and 
support  her  business  men  and  their  legitimate  enterprises  under  all  cir¬ 
cumstances  ;  indeed,  the  praise  of  her  goods  and  the  presenting  of  her  ad¬ 
vantages  has  been  reduced  to  such  a  science  that  the  papers  of  other  cities 
frequently  receive,  publish,  and  pay  for  it,  in  their  special  telegraphic  de¬ 
spatches  under  the  disguise  of  news. 

It  is  a  proverb  familiar  to  every  American,  that  in  union  there  is 
strength,  and  there  can  be  no  doubt  that  while  this  exchange  will  tend 
to  bring  this  important  branch  of  trade  in  closer  communion,  it  will 
also  facilitate  the  distribution  of  produce  and  thereby  tend  to  advance 
the  interests  of  agriculture. 

Gentlemen,  the  substantial  and  healthful  manner  in  which  the  Bos¬ 
ton  Produce  Exchange  has  been  commenced  makes  its  success  a  fore¬ 
gone  conclusion,  and  I  in  common  with  our  distinguished  friends  upon 
the  platform,  rejoice  in  the  establishmeut  of  another  organization  that 
shall  tend  to  favorably  advance  the  commercial  and  material  interests 
of  our  beloved  city. 


The  President  said ;  We  are  in  receipt  of  many  com¬ 
munications,  congratulating  us  on  this  occasion,  both  by 
letter  and  telegraph,  and  I  will  now  ask  the  Secretary  to 
read  some  of  them  to  you. 


14 


Mr.  J.  M.  Call,  the  Secretary,  thereupon  read  com¬ 
munications  from  Mr.  John  A.  Scudder,  President  of  the 
Merchants’  Exchange  of  St.  Louis ;  from  Mr.  William  A. 
Cole,  President  of  the  Produce  Exchange  of  New  York ; 
from  the  President  of  the  Produce  Exchange  of  Chicago  ; 
from  Mr.  Chas.  Kay,  President  of  the  Milwaukee  Cham¬ 
ber  of  Commerce ;  from  Wm.  J.  Patterson,  Secretary  of 
the  Commercial  Exchange  Association  of  Montreal,  and 
others. 

The  President  then  introduced  Alderman  Lucius  Slade. 

Address  of  Alderman  Slade. 

Mr.  President  and  Fellow  Citizens ; 

This  matter  of  an  Exchange  has  been  discussed  for  three  or  four 
years  past,  but  I  myself,  for  one,  was  rather  backward  in  taking  hold  of 
it,  for  the  reason,  perhaps,  that  I  could  see  no  chance  of  getting  a  place 
for  the  organization  to  rest.  I  could  see  no  place  where  I  thought  we 
could  establish  ourselves  that  would  be  any  credit  to  the  organization,  or 
that  we  should  have  a  show  of  success  in.  Still,  I  had  a  feeling,  as  all 
other  produce  men  have  had,  that  something  of  this  kind  ought  to  be  done 
to  keep  pace  with  the  business  of  the  country  and  with  other  cities.  The 
people  of  a  city  make  the  city,  and  through  the  energy  of  the  people,  the 
city  becomes  great,  and  strong,  and  respected.  Buildings  do  not  make 
business  either  altogether ;  still  localities  have  something  to  do  with  it. 
But  everything  depends  upon  the  energy  of  the  people  that  are  in  a  city, 
as  to  the  growth  and  prosperity  of  the  place.  Last  year  I  think,  or 
one  or  two  years  since,  this  Produce  Exchange,  by  its  exertions,  got 
a  charter,  and  the  next  thing  was  to  get  a  place.  Being  as  it  is  called, 

one  of  the  City  Fathers,  elected  last  winter,  I  knew  of  this  opening,  or 

« 

this  prospect  of  an  opening,  as  the  Mechanics  Association  had  given  up 
this  hall — they  had  entirely  out-grown  it — and  the  Plow  Company  that 
was  established  here  was  undecided  whether  to  remain  or  go  from  it, 
so  that  it  left  this  hall  for  the  city  to  make  the  best  use  of  possible. 
I  was  appealed  to  by  the  President  and  Directors  of  the  Association  to 
see  if  something  could  not  be  done  to  establish  this  Exchange  in  this 
hall.  I  thought  myself  that  it  was  feasible  and,  knowing  that  the  city 
has  always  done  all  in  its  power  whenever  any  of  the  people  have  asked 
for  what  seems  to  be  good,  I  believed  that  the  city  would  second  the 
motion  to  make  this  property  available  for  this  purpose.  I  brought  the 
matter  before  my  associates  on  the  Committee  and,  through  them,  be- 


15 


fore  tlie  City  Government,  and  I  will  say  that  in  every  motion  that 
we  have  made  the  City  has  seconded  us.  They  have  come  forward  not 
reluctantly  but  willingly,  and  have  fitted  up  this  hall,  and  also  the 

t 

rooms  adjoining  as  you  have  seen,  and  propose  to  let  the  occupants 
have  it  at  a  nominal  price,  believing  that  the  object  is  a  laudable  one, 
and  one  that  ought  to  be  encouraged,  Therefore,  you  see  how  we  are 
now  situated.  I  believe  it  is  the  best  hall,  and  the  best  arrangement 
for  an  Exchange  that  can  be  found  in  any  city  of  this  Union.  I  have 
never  seen  anything  that  I  believe  quite  compares  with  it.  Here  we 
have  the  whole  of  this  market  hall  through,  from  one  end  to  the  other, 
that  can  be  had  at  any  time,  if  it  should  be  needed,  for  offices.  There 
are  now  about  a  dozen  offices  as  you  will  see  that  seem  to  be 
large,  airy,  aud  very  pleasant,  that  are  to  be  let  at  a  reasonable  price. 
I  trust  that  this  Exchange  will  be  a  success.  I  have  no  doubt  of  it 
whatever,  and  these  remarks  that  I  make  in  regard  to  the  City’s  willing¬ 
ness,  not  only  willingness  but  anxiety,  to  do  all  that  can  be  done  to  en¬ 
courage  this  enterprise,  I  make  that  you  may  know  about  what  the  in¬ 
tention,  or  the  willingness  of  the  city  is ;  that  is  that  as  this  Exchange 
shall  grow  and  need  more  room,  it  will  be  furnished  at  any  time  when 
it  is  so  needed. 

Mr.  President,  I  had  no  particular,  set  remarks  to  make  here,  and 
will  leave  this  matter  where  it  is. 


Hon.  H.  K.  Slayton,  of  Manchester,  N.  H.,  was  then 
presented,  and  spoke  as  follows  ; 

Mr.  President  and  Gentlemen  of  the  Boston  Produce  Exchange, — It 
has  been  my  fortune  to  handle  produce,  more  or  less,  for  the  past  thir¬ 
ty  years,  and  I  have  been  known  in  a  business  way  to  many  of  you  for 
a  long  time.  I  congratulate  you  upon  the  formation  of  this  commercial 
body.  Your  possibilities  are  great, — not  only  for  the  benefit  of  your¬ 
selves,  but  more  largely  for  the  benefit  of  the  farmers  of  our  country. 
You  are  the  merchants  of  one  of  the  chief  seaboard  cities,  and  you  are 
to  be  the  factors  between  the  farmers  of  this  country  and  the  dense 
populations  of  the  old  world.  Many  of  us  have  seen  our  exports  of 
cheese  arising  from  a  few  millions  of  pounds  in  1850  to  over  100,000,000 
pounds  per  year. 

You  may  deem  it  your  duty  to  gather  from  the  produce  merchants 
of  Europe  all  facts  and  statistics  regarding  the  cost  of  food  in  their 
country  and  be  able  to  state  to  the  farmers  of  the  United  States  that 
farms  of  100  acres  in  Western  Europe  cost  on  an  average  $15,000  each, 
while  ours  average  about  $3500,  so  that  on  all  products  of  light  weight 


16 


to  the  cost,  such  as  butter,  cheese,  pork,  larcl  and  bacon,  we  have  a 
population  of  200,000,000  of  people  in  Western  Europe  which  we  can  sup¬ 
ply  at  a  lower  price  than  their  farmers  can  produce  them.  It  is  my  belief 
that  we  can  market  in  Europe  400,000,000  lbs.  yearly  of  cheese  at  a  fair 
profit  to  our  farmers.  We  are  also,  I  trust,  all  gratified  that  we  now 
have  in  our  President  and  Cabinet  eminent  statesmen,  who  will  pay  more 
attention  to  the  material  and  business  interests  of  the  people  than  they 
will  to  who  shall  be  their  successors  in  office.  Secretary  Evarts,  on  his  re¬ 
cent  visit  to  New  England,  assured  me  that  they  intended  to  try  to  ad¬ 
minister  the  affairs  of  this  government  on  sound  business  principles  with¬ 
out  any  regard  to  who  should  be  their  successors. 

With  gold  as  our  only  legal  tender  the  future  prosperity  of  our 
country  is  assured,  and  in  the  prosperity  of  our  people  an  immense 
business,  both  domestic  and  foreign,  awaits  you,  which  I  hope  will  en¬ 
sure  your  success  individually  and  that  of  your  association. 


The  Vice-President  Mr.  Salmon  P.  Hibbard  was  then 
called  upon. 

Address  or  Mr.  Hibbard. 

Mr.  President  and  Gentlemen ; 

The  Produce  Exchange,  an  organization  which  we  meet  to  formal¬ 
ly  open  to  its  members  to  day  is  an  institution,  the  need  of  which  has 
long  been  felt  in  our  city.  Not  only  do  we  expect  that  it  will  aid  us 
in  the  developing  of  our  business,  but  that  it  will  generally  benefit  our 
city  in  the  results  it  hopes  to  achieve.  The  rapid  increase  of  the  pro¬ 
duce  business  in  this  country  and  its  present  magnitude  is  but  partial¬ 
ly  known.  And  when  we  speak  of  the  produce  business  we  mean  the 
products  of  the  farm,  for  specific  convenience  subdivided  into  the  Flour 
and  Grain  business,  the  Butter,  Cheese,  and  Egg  business,  the  Provision 
business,  the  Fruit  business,  and  Vegetable  business,  and  we  ought  to 
add  the  Grocery  business.  These  interests  are  all  one ;  we  all  get  our 
merchandise  from  the  same  source — the  Farm,  and  are  interested  in  sell¬ 
ing  the  same  class  of  trade ;  hence  we  ought  all  to  be  united  in  one 
Exchange.  It  may  be  said  that  in  years  past,  with  the  exception  of  the 
Flour  and  Grain  business,  we  have  conducted  our  business  successfully 
without  any  united  effort,  and  in  a  measure  we  have,  but  we  have  done 
it  too  long.  In  former  years  the  limited  supply  of  farm  produce  has 
found  a  local  demand  in  the  large  cities  and  towns  of  our  country. 
But  times  have  changed.  Corporations  similar  in  character  to  Exchanges 
have  pushed  railroads  not  only  into  the  rich  and  productive  interior,  but 
clear  across  our  great  country,  encouraging  immigration,  and  develop- 


17 


ing  its  resources,  until  we  find  our  regular  and  increasing  receipts  far 
exceeding  our  demands  for  home  consumption.  The  Divine  Architect 
of  this  country  planned  for  no  waste  of  room  or  material,  and  that 
same  Providence  that  ordered  the  fragments  to  be  gathered  up,  after 
miraculously  feeding  the  five  thousand  with  the  five  loaves  and  two 
fishes,  is  not  so  bountiful  a  giver  as  to  desire  to  see  His  gifts  wasted; 
he  has  only  made  us  an  Egypt,  a  storehouse,  that  our  brethern  in  other 
lands  may  come  and  buy  from  us  in  their  time  of  need.  Natural  re¬ 
sources  have  made  this  country  not  only  the  granary  of  Europe,  as  it 
is  often  called,  but  the  Commissary  Department  of  Supplies  for  the 
whole  world.  And  in  no  way  can  the  handling  of  all  this  vast  product 
be  accomplished  successfully  but  by  united  efforts  in  obtaining  the  best, 
the  cheapest,  and  quickest  means  of  transportation,  and  procuring  the 
latest  and  fullest  market  reports  from  all  parts  of  the  world. 

Our  domestic  trade  as  well  as  export  business  requires  of  us  the 
fullest  information  at  all  times.  The  production  and  export  of  cheese 
in  this  country  has  attained  immense  proportions.  Erom  the  American 
cheese  factory  we  get  a  quickly  cured  and  a  healthy  as  well  as  a  high¬ 
ly  nutritious  article  of  food,  and  all  the  result  of  united  effort  on  the 
part  of  the  farmers  that  labor  might  be  saved  and  a  uniform  and  de¬ 
sirable  article  manufactured.  To-day  the  milk  product  of  the  American 
farmer  is  manufactured  into  butter  and  cheese,  and  offered  for  sale  in 
the  markets  of  Europe  in  less  time  than  it  could  have  been  offered  in 
our  own  market  twenty  years  ago.  I  have  made  no  effort  to  get  the 
statistics  covering  the  manufacture  and  export  of  cheese,  but  it  is  simply 
immense,  amounting  to  over  500,000  pounds  per  week  for  many  weeks 
in  succession,  at  a  valuation  of  over  $500,000  per  week.  The  manufact¬ 
ure  and  home  demand  as  well  as  export  of  butter  are  largely  on  the 
increase,  and  the  dairy  products  of  our  country  are  second  to  but  few, 
if  any,  of  its  great  resources.  We  are  sometimes  alarmed  at  the  im¬ 
mense  productions  of  our  country,  forgetting  that  the  Provider  of  all 
these  bounties  has  a  place  for  them,  for  no  sooner  do  prices  touch  a 
reasonably  low  point  than  a  foreign  demand  takes  them.  Nothing  can 
better  illustrate  this  than  our  fruit  crop  one  year  ago.  The  crop  was 
large,  and  certainly  seemed  larger  than  any  possible  demand  could  be, 
so  that  a  large  Avaste  seemed  inevitable.  Prices  are.  low  and  Europe 
steps  in  and  takes  $2,500,000  worth  of  our  fruit,  an  increase  of  over 
400  per  cent,  over  any  previous  year.  Included  in  this  were  12,000,000 
pounds  of  dried  apples,  equal  to  60,000  barrels,  or  60  car  loads. 

The  Provision  trade  of  this  city,  at  one  time,  ten  years  ago,  stood 
second  to  none  in  the  country.  Perhaps  it  has  lost  its  place  in  the  front 
ranks,  for  Avant  of  just  such  an  organization  as  this,  and  by  acting  alone 
and  independently,  Avithout  the ‘facilities  that  such  institutions  as  these 
offer  to  their  patrons. 

The  Grain  and  Elour  Trade  has  through  its  former  organization, 
the  Corn  Exchange,  and  latterly  the  Commercial  Exchange  developed  a 


4 


18 


creditable  export  trade,  as  well  as  largely  increased  the  facilities  cf  trans¬ 
portation,  and  brought  large  benefits  to  the  local  or  domestic  interests  of 
that  particular  branch,  and,  to  a  certain  extent  to  the  other  branches  of 
the  Produce  business. 

Our  local  business  is  large  and  must  yearly  increase,  and  we  need  all 
the  facilities  for  its  advancement  we  can  obtain,  and  in  no  better  way  can 
it  be  done  than  by  united  efforts,  not  only,  in  one  or  two  directions  but 
along  the  whole  line.  Other  institutions  similar  to  this  have  done  grand 
things,  and  achieved  wonderful  success,  in  the  improved  advantages  that 
we  now  enjoy  in  direct  and  cheap  transportation  from  the  interior,  and  by 
encouraging  exports  under  so  many  disadvantages,  and  they  are  entitled 
to  great  credit,  and  now  we  ought  to  make  greater  efforts  to  add  to  this 
successful  beginning  by  uniting  the  interests  of  the  Produce  business,  in  all 
its  departments,  under  one  organization.  Ours  is  a  peculiar  trade,  we 
stand  so  very  near  the  producer  and  the  consumer,  that  our  profits  are 
justly  and  necessarily  small,  besides  requiring  the  strictest  attention  and 
most  rigid  economy  in  its  management.  There  is  no  line  of  trade  in  the 
city  that  stands  better,  the  credit  of  the  Produce  trade  is  good,  and  close 
attention  and  careful  management  has  brought  its  reward.  When  the 
great  financial  crisis  came  upon  our  country  like  a  whirl-wind,  and 
business  depression  followed  for  a  sueession  of  years,  demoralizing  busi¬ 
ness  enterprises,  as  well  as  embarrassing  almost  every  branch  of  industry 
and  bankrupting  many  of  our  largest  and  wealthiest  firms,  the  Produce 
trade  hardly  wavered  under  it.  It  has  felt  the  depression  severely  and 
margins  have  been  reduced  to  almost  a  cypher,  yet  the  failures  have  been 
few  and  hardly  noticeable. 

In  closing  permit  me  to  say  that  I  hope  all  engaged  in  the  different  de¬ 
partments  of  this  trade  will  avail  themselves  of  the  opportunities  offered 
by  the  Boston  Produce  Exchange. 


The  President  said  he  had  great  pleasure  in  introducing 
one  of  the  pioneers  in  the  Produce  business,  a  gentleman  who 
had  been  connected  with  it  for  the  last  fifty  years — Mr.  J. 
Harmon  Curtis. 


Remarks  of  Mr.  J.  II.  Curtis. 

Mr.  President  and  Centlemen ; — When  I  received  your  invitation  to 
be  present  here  I  supposed  I  had  the  privilege  of  sitting  still,  and 
really  to  call  up  an  old  fogy  of  more  than  three  score  years  and  ten  is 
absurd.  But  when  I  look  round  on  this  assembly  here  I  feel  proud  of 
it.  I  see  it  looks  like  business,  it  means  business,  and  it  shows  us  there 
is  a  revival  of  business  coming.  We  have  gone  through  a  terrible  or- 


19 


deal  the  last  two  or  three  years,  but  I  am  one  of  those  who  would  stand 
by  the  guns  as  long  as  there  is  a  shot  in  the  locker.  What  has  made 
Boston,  and  is  going  to  make  her  what  she  ought  to  be?  It  is  her  ster¬ 
ling  integrity.  No  city  in  the  Union  can  boast  of  a  liner  or  more  hon¬ 
orable  class  of  men  than  the  merchants  of  Boston.  With  the  merchants 
of  Boston  1  rank  the  produce  dealers,  down  to  we  poor  fellows  in  Fan- 
euil  Hall  Market. 

I  remember  a  brother  of  mine  going  into  Western  New  York  in 
1842  to  pick  up  a  few  car  loads  of  apples.  At  that  time  two  or  three 
car  loads  of  Baldwin  apples  was  all  that  could  be  found  in  the  great 
State  of  New  York.  Last  year  one  county  alone  gave  us  two  million 
barrels. 

I  came  here,  Mr.  President,  with  nothing  prepared,  and  then  I  am 
an  old  fogy,  and  for  these  reasons  I  will  ask  to  be  excused. 


Mr.  H.  J.  Nazro,  President  of  the  Boston  Commercial 
Exchange,  was  then  introduced, 

Address  of  Mr.  H.  J.  Nazro. 

Mr.  President  aud  Gentlemen  of  the  Produce  Exchange; 

It  gives  me  great  pleasure  as  a  fellow  merchant,  to  extend  to  you 
my  congratulations  on  the  successful  formation  of  this  association,  and 
to  congratulate  you  that  you  feel  that  its  future  prospects  warrant 
you  in  establishing  yourselves  in  such  beautiful  and  commodious  quar¬ 
ters.  I  trust  your  success  is  but  the  precursor  of  a  great  future,  and 
what  has  thus  far  been  well  done,  may  be  amplified  and  extended,  as 
time  and  opportunity  offer. 

I  had  hoped,  Mr.  President,  that  you  might  have  joined  with  our 
Exchange  and  that  we  together  might  have  used  the  room  now  occupied 
by  the  “Commercial  Exchange”  for  their  sales-room,  and  thus  have  given 
a  helping  hand  towards  the  support  of  the  Board  of  Trade,  an  associ¬ 
ation  that  ought  to  have  I  think,  the  warmest  and  the  heartiest  support 
of  every  Boston  merchant.  But  as  you  have  concluded  to  try  a  lone 
hand,  I  trust  you  may  be  able  to  make  all  of  the  points  aimed  for,  and 
that  your  efforts  may  be  crowned  with  nothing  but  good  fortune. 

Associations  of  this  kind,  Mr.  President,  conducted  on  those  prin¬ 
ciples  which  will  probably  be  your  guide,  are  productive  of  great  good 
in  every  community  where  established,  being  very  elevating  in  their 
nature.  A  free  interchange  of  thought  and  action  between  merchant 
and  merchant,  serves  to  raise  the  standard  of  their  ideas,  serves  to  pro¬ 
mote  harmony  and  good  feeling,  serves  to  give  a  more  enlarged  and 
liberal  scope  to  operations,  and  serves  to  create  a  more  just  conception  of 


20 


mercantile  honor.  Believing,  as  I  sincerely  clo,  in  the  ideas  just 
stated,  I  can  but  say  success  in  its  fullest  measure  to  the  “Boston 
Produce  Exchange.”  And  now  Mr.  President  with  our  Produce  Ex¬ 
change  fairly  under  way,  with  our  “Commercial  Exchange,”  with  our 
Shoe  and  Leather  Exchange,  and  with  our  Board  of  Trade,  including 
members  of  these  and  other  Exchanges,  why  can  we  not  all  unite,  and 
by  putting  our  shoulders  to  the  wheel,  give  the  exporting,  as  well  as 
the  domestic  buisiness  of  this  city,  an  impetus  which  in  due  time  will 
again  render  Boston  one  of  the  foremost  cities,  as  an  exporting  port, 
and  regain  for  it  what  it  may  have  lost  as  a  distributing  centre  ? 

Let  us  do  unitedly  all  that  in  our  power  lies,  not  only  towards 
establishing  cheap  transportation  to  and  from  the  west  for  this  port,  but 
to  and  from  the  great  manufacturing  centres,  giving  our  mechanics  and 
operatives  cheap  food,  whereby  they  can  be  instrumental  in  their  turn  in 
giving  us  cheap  goods.  With  these  points  secured,  and  with  cheap  ter¬ 
minal  facilities,  we  will  be  able  to  offer  full  freights  for  foreign  markets, 
and  gradually  attract  to  our  wharves  a  mercantile  marine  of  which  we 
would  be  justly  proud. 

It  is  Mr.  President,  with  great  pleasure  I  see  that  so  much  that  goes 
towards  making  up  our  export  at  the  present  time,  is  supplied  by  those 
who  are  associated  with  you  in  this  Exchange,  that  they  are  doing  so 
much  to  bring  the  steamships  to  our  wharves,  that  they  are  helping  so 
largely  in  demonstrating  the  fact  that  Boston  can  support  several  lines) 
instead  of  giving  poor  encouragement  to  only  one.  Let  us  continue  to 
give  the  old  countries  of  our  good  things.  Let  each  branch  supply  its  part, 
and  give  of  its  excess,  so  that  in  due  season  our  exports  to  Great  Britain 
shall  largely  exceed  our  imports,  and  cause  the  tide  of  time  to  roll  back  to 
us,  that  flow  of  gold  which  has  ever  since  the  settlement  of  this  country 
moved  towards  the  opposite  shore. 

Whenever,  Sir,  I  endeavor  to  contemplate  the  future  of  this  great 
country,  and  think  of  its  vast  mineral  wealth  not  yet  unearthed,  of  its 
capabilities  of  soil  not  yet  disturbed  by  the  plough,  of  all  of  its  oppor¬ 
tunities  not  yet  made  available,  of  its  illimitable,  mechanical,  and  inven¬ 
tive  genius,  of  its  vast  lakes  and  rivers,  and  of  the  indomitable  energy 
of  its  inhabitants,  to  develope  and  utilize  all,  I  am  lost  in  wonder,  and 
my  imagination  is  too  limited  to  grasp  the  immensity  of  the  subject  or 
to  reach  conclusions  in  any  way  satisfactory  to  me.  But  I  can  and  do 
wflsh  that  in  that  great  future,  as  in  the  past,  Boston  shall  play  no  mean 
part  in  the  stage  of  business  life,  that  the  honor  she  has  thus  far  so 
gloriously  sustained  as  being  one  of  the  foremost  cities  of  the  land  shall 
cling  to  her,  and  that  her  march  of  progres  shall  in  no  wise  be  kept  back 
or  dimmed  for  the  want  of  exertion  and  foresight  of  the  business  men 
of  our  day. 

And  let  us  see  to  it  Mr.  President,  that  those  we  have  in  our  train¬ 
ing,  those  who  look  to  us  for  an  example,  those  who  at  no  distant  day, 
are  to  be  the  Boston  merchants,  have  ideas  of  energy  thrift,  and  mer- 


21 


\ 


cantile  honor  instilled  in  them,  which  will  fit  them  at  the  proper  time, 
to  perpetuate  the  good  name  and  character  which  has  thus  far  been  the 
pride  and  aim  of  our  high-toned  merchants. 

In  closing  let  me  again  wish  a  long  and  a  prosperous  career  to  the 
Boston  Produce  Exchauge. 


Mr.  George  D.  Baldwin,  a  representative  of  the  Pro¬ 
vision  trade,  was  then  called  upon. 

Remarks  of  Mr.  George  D.  Baldwin. 

Mr.  President,  and  Gentlemen  of  this  Association; 

I  cannot  say  that  I  thank  you  for  calling  on  me  to  make  a  speech, 
for  it  is  something  I  never  made  in  my  life,  but  I  am  happy  to  con¬ 
gratulate  this  Association  upon  this  room,  and  upon  the  prospects  it 
has  of  success.  An  Exchange  is  necessary  in  every  trade  ;  if  there  are 
not  enough  in  one  trade,  let  two  or  three  come  together. 

As  I  have  been  called  upon  as  representing  the  provision  trade  I 
will  only  say  that  that  business  is  increasing  and  has  become  an  im¬ 
mense  business.  We  have  no  idea  of  its  growth  and  magnitude  until 
we  carefully  examine  the  statistics  of  the  trade. 

Gentlemen,  I  wish  that  I  could  make  a  speech,  but  it  is  not  my  prov¬ 
ince  ;  therefore,  I  thank  you  for  this  privilege  of  standing  up  before  you, 
and  thank  you  for  all  your  attention. 


The  President  next  introduced  Alderman  O’Brien. 

Remarks  of  Alderman  Hugh  O’Brien. 

Mr.  President  and  Gentlemen  of  the  Produce  Exchange ; 

I  feel  I  can  address  you  all  as  gentlemen  of  the  Produce  Exchauge, 
because  if  you  are  not  all  producers  jrou  are  all  consumers.  I  can  hardly 
add  much  to  what  has  been  so  well  said  by  His  Honor  the  Mayor  and  the 
other  distinguished  gentlemen  who  have  addressed  you.  In  the  establish¬ 
ment  of  such  an  exchauge  would  ordinarily  require  years  of  patient  labor, 
but  when  I  look  around  this  magnificent  hall ;  when  I  read  the  long  list  of 
enterprising  produce  firms  who  have  already  entered  the  movement,  when 
I  see  your  blackboards  placing  you  in  communication  with  every  lead¬ 
ing  produce  market  in  the  world,  I  feel,  Mr.  President,  that  your  suc¬ 
cess  is  assured. 


22 


Unlike  my  friend  Slade  I  was  not  fortunate  enough  to  commence  my 
career  in  the  butter  trade,  but,  doing  business  in  the  neighborhood  of 
Faneuil  Hall  Market  for  a  long  series  of  years,  I  have  been  an  eye-wit¬ 
ness  of  the  rapid  growth  and  prosperity,  of  the  produce  trade  of  this 
city.  You  already  occupy  North  Market  Street,  South  Market  Street, 
Blackstoue  Street,  Commercial  Street,  North  Street,  Merchants  Row, 
Chatham  Row,  Chatham  Street,  and  you  have  already  invaded  the  money 
bags  of  State  Street,  and  taken  possession  of  a  part  of  that  locality.  I 
agree  with  Alderman  Slade  that  there  is  nothing  in  a  building,  but  I  be¬ 
lieve  that  a  building  has  had  something  to  do  with  this  business,  and  in 
this  respect  I  have  no  doubt  the  Alderman  will  make  an  exception. 

The  establishment  of  Faneuil  Hall  Market  here  fifty  years  ago  made 
this  spot  the  centre  of  the  produce  trade  of  New  England,  and  here  it 
will  remain.  No  human  agency  in  the  city  of  Boston  can  drive  it  from 
this  locality.  It  is  destined,  Mr.  President,  to  go  down  to  the  water 
line,  and  every  building  and  every  unoccupied  space  between  here  and 
the  water  line  must  be  taken  possession  of  by  the  produce  trade. 

I  hope,  Mr.  President,  that  your  Produce  Exchange;  with  these 
brief  remarks,  will  go  on  and  prosper. 


The  President  then  said ;  Gentlemen,  there  is  a  name 
associated  with  this  building  that  has  long  been  honored  by 
the  citizens  of  Boston  ;  I  have  the  pleasure  of  presenting  the 
Honorable  Josiah  Quincy,  of  Boston. 

Address  of  Hon.  Josiah  Quincy. 


Mr.  President; 

It  was  only  last  evening  that  I  received  the  intimation  of  your  presi¬ 
dent  that  I  should  be  called  upon  to  say  a  few  words.  But  I  have  really 
nothing  to  offer  except  my  hearty  congratulations  that  this  conspicuous 
part  of  Faneuil  Hall  Market  is  at  length  to  be  dedicated  to  the  purpose 
for  which  it  was  designed — that  of  concentrating  in  one  convenient  place 
the  great  provision  business  of  New  England.  The  importance  of  such 
concentration  is  well  understood  by  the  dealers  in  all  commodities.  Those 
who  supply  the  wants  of  the  community  with  leather,  with  shoes,  with 
flour  or  with  wool,  realize  the  advantage  of  accumulating  their  business 
about  one  spot,  where  the  consumer  knows  he  shall  find  it,  and  where 
he  may  choose  from  the  richest  variety  that  the  market  affords.  Espec¬ 
ially  is  this  desirable  in  the  provision  business,  already  established  as 
one  of  the  great  interests  of  Boston  aud  the  nation,  and  which  is  every 
day  enlarging  its  proportions. 


23 


Let  me  especially  congratulate  you  that  this  hall  is  opened  at  a  time 
when  we  are  emerging — slowly  and  surely  emerging — from  the  period 
of  depression  which  has  been  so  long  upon  us.  I  have  seen  several  of 
these  periods  of  stagnation  in  my  day,  and  I  have  seen  the  ends  of 
them.  As  they  passed  off  a  flood  of  life  and  vigor  swelled  all  the  veins 
of  our  industries  with  healthy  activity.  And  this  I  shall  see  again  if 
my  life  is  spared  for  a  brief  period. 

In  the  meantime  what  are  the  questions  of  the  hour,  which  challenge 
the  attention  of  the  statesman  and  the  merchant?  Mr.  David  A.  Wells 
puts  this  question  in  a  late  North  American  Review,  and  gives  us  this 
answer:  “To  And  out  new  avenues  of  trade,  or  to  enlarge  those  already 
existing,  and  thereby  to  find  or  develop  new  employment  for  the  masses. ’* 
I  remember  at  the  time  when  this  market  was  built  it  was  thought  by 
many  to  be  altogether  beyond  the  necessities  of  the  city  of  Boston. 
And  there  was  more  reason  for  croaking  then  than  there  is  now.  There 
was  not  a  railway  on  the  land  or  a  steamship  on  the  ocean,  our  manu¬ 
factures  of  cotton  and  wool  were  depressed.  Many  corporations  had 
failed,  and  by  means  of  personal  liability,  brought  ruin  upon  the  share¬ 
holders.  I  had  something  to  do  with  real  estate  about  that  time  and 
more  than  half  of  the  buildings  in  my  charge  were  empty,  or  were  leased 
at  merely  nominal  rates.  To  take  a  single  case  as  an  illustration :  The 
lower  floor  of  the  store  on  the  present  site  of  the  couuting  room  of  the 
Daily  Advertiser  was  leased  as  a  lawyer’s  office  for  $125  a  year.  But 
the  city  government  of  that  day  withstood  the  croakers  and  took  thought 
for  the  future  of  the  city.  And  our  complaint  to-day  is  that  they  did 
not  do  enough. 

We  think  with  regret  of  the  streets  they  might  have  widened  at  a 
nominal  cost,  of  the  business  facilities  they  might  have  given  us,  which 
would  have  paid  for  themselves  over  and  over  again.  Let  us  learn  the 
lesson  that  it  is  wise  to  look  a  little  in  advance  of  present  demand.  The 
epicurean  motto,  “Let  us  eat  and  drink  for  to-morrow  we  die,”  may 
not  be  wholly  objectionable  from  the  stand  point  of  a  produce  exchange. 
But  if  we  are  going  to  die,  it  is  no  less  certain  that  our  good  city  of 
Boston  is  going  to  live.  And  whatever  we  can  do,  whether  as  private 
citizens,  or  public  officers  to  build  up  her  commerce  and  facilitate  her 
business,  will  be  cordially  appreciated  by  the  generations  to  come. 


At  the  close  of  the  exercises  a  collation  was  served  in 
the  hall  adjoining.  Music  was  furnished  by  the  Germania 
Band. 


REPORT 


OF  THE 

Boston  Produce  Exchange 


DECEMBER  31,  1878. 


BY-LAWS 


AND 


LIST  OF  MEMBERS. 


PROCEEDINGS 


AT  THE 

ANNUAL  MEETING, 

MONDAY,  JANUARY,  13,  1879. 


At  the  Annual  Meeting  of  the  Boston  Produce  Ex¬ 
change,  held  January  13,  1879,  at  two  o’clock,  P.  M.,  Pres¬ 
ident  Austin  Belknap  in  the  chair,  the  annual  report  of  the 
Board  of  Directors  was  read  by  the  Secretary  and  was  by 
vote  accepted. 

The  annual  report  of  the  Treasurer,  audited  by  the 
finance  committee,  was  submitted,  and  by  vote  accepted  and 
placed  on  file. 

After  the  election  of  officers  for  the  ensuing  year,  on 
motion  of  Mr.  L.  E.  Peirce,  it  was  voted  that  the  thanks  of 
this  Exchange  be  tendered  to  our  President,  Hon.  Austin 
Belknap,  for  the  able  and  efficient  manner  in  which  he  has 
performed  the  duties  of  his  office  for  the  past  year. 

The  President  then  addressed  the  meeting  as  follows  : 

Gentlemen  of  the  Produce  Exchange : 

The  language  which  you  have  been  pleased  to  employ 
in  conveying  to  me  your  appreciation  of  my  services  during 
the  past  year  expresses  the  manner  in  which  the  duties  should 
have  been  performed  ;  and  while  I  have,  at  all  times,  sought 
to  promote  the  best  interest  of  the  Exchange — error  in 
judgment — which  is  the  common  lot  of  all  men,  to  a  greater 
or  less  extent  ,  may  have  rendered  my  services  less  valuable 
than  the  very  complimentary  vote  you  have  just  passed 
would  indicate. 


28 


The  past  year  has  been  one  of  great  commercial  depres¬ 
sion  which  has  proved  disastrous  financially  to  a  larger  num¬ 
ber  of  merchants  and  traders  generally  than  any  previous 
year  in  the  history  of  this  generation.  Under  these  circum¬ 
stances  so  very  discouraging  it  would  not  have  been  surpris¬ 
ing  if  the  interest  in  the  Exchange  had  abated  so  as  to 
endanger  its  existence  ;  but  quite  the  contrary  has  been  the 
case,  for  the  organization  has  steadily  gained  strength  with 
increasing  interest  and  may  now  be  considered  to  be  in  a 
vigorous  and  healthy  condition  with  a  future  which  promises 
to  be  one  of  great  usefulness  to  the  trade. 

During  the  year  several  subjects,  important  to  the  trade, 
have  been  acted  upon  and  have  been  disposed  of  by  its 
members  in  a  manner  worthy  of  an  association  of  intelligent 
merchants.  The  time  is  not  far  distant  when  every  large 
dealer  in  produce  in  this  city  will  find  it  for  his  interest  to 
take  membership  in  this  Exchange.  The  advantage  of  being 
personally  acquainted  with  the  principal  dealers  cannot  well 
be  overestimated ;  and,  at  present,  no  other  arrangement 
offers  so  good  an  opportunity  to  form  a  general  acquaintance 
with  the  trade  as  by  daily  meeting  on  change. 

Probably  no  one  act  of  this  body  of  men  has  done 
more  to  establish  confidence  with  other  Exchanges,  and 
amongst  the  country  people  generally,  than  the  prompt  and 
decided  action  taken  which  resulted  in  expunging  from  our 
list  of  subscribers  the  name  of  one  who  had  wilfully  violated 
both  the  letter  and  the  spirit  of  the  instrument  under  which 
we  are  organized. 

The  power  of  concentrated  effort  has  not  been  fully  un¬ 
derstood  and  appreciated  by  those  composing  this  body ;  its 
members  not  having  long  been  accustomed  to  act  together 
have,  as  yet,  but  partially  developed  this  element  of  strength. 
But  when  we  remember  that  through  our  action  the  trade  has 
discontinued  the  custom  of  charging  for  packages  on  several 
articles  which  have,  for  many  years,  been  incumbered  with 


29 


this  peculiar  custom  which  has  been  often  a  fruitful  source  of 
disagreement  and  dispute  between  the  buyer  and  seller  ;  and 
also  that  the  irregular  standard  of  weight  for  a  bushel  of  beans 
has  been  made  more  uniform  by  the  unanimous  consent  and 
combined  action  of  this  body  it  is  easy  to  see  that  in  the  future 
other  and  perhaps  more  important  changes  may  be  made 
through  the  same  instrumentality.  The  subject  of  shorten¬ 
ing  credits  has  been  duly  considered,  and  resolutions  have 
been  passed  recommending  the  city  trade  to  adopt  the  ten 
day  system  amongst  themselves,  and  that  the  retail  grocers, 
as  far  as  possible,  adopt  the  same  rule,  but  in  no  event  to 
exceed  thirty  days.  This  action  is  in  the  right  direction,  and 
the  recommendations  have  accomplished  much  in  the  direct¬ 
ion  intended  ;  but  would  have  been  instrumental  in  producing 
much  better  results  if  they  had  been  more  closely  adhered  to. 
N o  student  of  the  times,  and  of  the  causes  which  have  brought 
about  the  condition  of  things  upon  which  we  look  with  as¬ 
tonishment  and  dismay  can  lose  sight  of  the  fact  that  the 
prime  cause  of  this  general  derangement  of  business  and  un¬ 
settled  state  of  affairs  is  unrestricted  credit,  and  unwarrant¬ 
able  extravagance.  The  latter  could  not  well  exist  without 
the  former,  and  it  may  justly  be  assumed  that  long  credits 
are  mainly  the  cause  of  the  general  disaster  which  has  spread 
itself  over  the  whole  land.  Until  the  time  shall  come  when 
the  consumer  shall  pay  for  that  which  he  consumes  it  is  use¬ 
less  to  look  for  any  well  grounded  and  settled  prosperity. 
While  it  may  be  the  duty  of  those  who  have  property  to  as¬ 
sist  those  who  have  it  not,  is  it  not  better  to  render  this 
assistance  by  furnishing  some  respectable  employment  at  small 
pay  whereby  the  unemployed  may  be  able  to  pay  for  the 
necessaries  of  life,  and  thereby  preserve  their  self  respect, 
than  to  support  them  in  idleness  ?  one  of  which  things  must 
be  done,  for  people  in  this  country  cannot  be  left  to  starve. 

The  sharp  competition  amongst  dealers  in  provisions 
and  produce  has  reduced  profits  to  the  lowest  possible  stand- 


30 


ard,  while  business  expenses  are  not  susceptible  of  being  re¬ 
duced  to  correspond  to  the  narrow  margins  left  the  honorable 
merchant ;  this  makes  it  impossible  to  provide  for  heavy 
losses  from  the  profits  of  trade  as  at  present  conducted,  and 
leaves  the  trader  but  one  alternative,  and  that  is  to  pay  his 
losses  out  of  his  capital.  This  subject  requires  more  time  for 
its  proper  discussion  than  can  be  allowed  at  this  meeting,  and 
more  ability  than  I  possess  to  do  it  justice.  It  is  worthy  of 
further  consideration,  and  of  some  uniform  action  on  the  part 
of  the  trade  which  shall  tend  to  bring  about  a  shorter  line  of 
credits  in  the  produce  business  that  shall  correspond  to  those 
of  the  provision  trade. 

I  wish  to  express  my  sincere  thanks  to  the  members  for 
their  uniform  courtesy  and  kindness  towards  me  during  my 
term  of  office,  and  especially  to  those  active  and  energetic 
men  whose  untiring  efforts  have  imparted  life  to  the  organi¬ 
zation  by  awakening  a  new  and  increased  interest  amongst  its 
members.  If  the  provision  and  produce  dealers  of  this  city 
can  organize  an  Exchange  and  carry  it  on  successfully  under 
such  adverse  circumstances  as  have  existed  during  the  two 
years  last  passed  its  future  can  no  longer  be  a  question  of 
doubt,  and  as  it  grows  in  usefulness  it  will  become  so  inter¬ 
woven  with  the  interests  of  the  commerce  of  Boston  that  its 
existence  will  be  indispensible. 

AUSTIN  BELKNAP, 

President . 


4 


ANNUAL  REPORT 


OF  THE 

BOARD  OF  DIRECTORS. 


Gentlemen  of  the  Boston  Produee  Exchange  ; 

In  accordance  with  the  provisions  of  the  by-laws  of  the 
Exchange  your  Board  of  Directors  herewith  present  a  report 
of  its  condition  and  proceedings  for  the  year  ending  Decem¬ 
ber  31st,  1878. 

The  past  has  been  a  year  of  steadily  declining  values  to 
the  Provision  trade,  and  the  same  may  be  said  in  respect  to 
many  articles  of  Produce.  In  fact  the  tendency  of  prices  has 
been  downward  on  nearly  all  of  the  staple  articles.  This 
being  the  case,  the  margin  of  profit  to  legitimate  dealers,  such 
as  are  obliged  to  carry  stocks,  has  been  necessarily  small. 
The  year  closes  however  with  a  lower  range  of  prices  than 
has  existed  for  many  years,  even  before  the  war.  While  the 
crops  of  the  country  for  the  past  year  have  been  large  and 
anything  like  high  prices  is  not  looked  for,  yet  a  further  ma¬ 
terial  shrinkage  in  values  can  hardly  be  expected.  The  out¬ 
look  therefor  may  be  considered  favorable  to  a  more  pros¬ 
perous  business  in  the  near  future. 

Attention  is  called  to  the  remarkable  growth  of  the 
Dairy  interests  of  the  country  within  the  past  few  years  and 
the  development  of  the  export  business  in  this  branch  of  the 
produce  trade.  The  movement  in  Provisions  also  shows  a 
large  increase  over  that  of  any  previous  year  in  the  history 
of  the  trade.  It  is  only  by  the  exercise  of  the  same  energy 
and  enterprise  that  has  characterized  our  sister  cities  that  the 


32 


merchants  of  Boston  can  hope  to  maintain  for  her  a  favorable 
position  as  a  market  for  handling  these  rapidly  increasing 
products. 

It  should  be  remembered  that  the  prime  object  of  this 
organization  is  the  advancement  of  the  interests  of  trade  and 
commerce  among  its  members,  and  it  is  believed  that  by 
manifesting  an  increased  interest  in  the  work  of  the  Ex¬ 
change,  and  by  the  advantage  of  united  action  on  the  part  of 
the  trade  which  such  an  association  affords,  our  members 
can  derive  much  more  benefit  from  their  connection  with  the 
Exchange  than  has  yet  been  experienced. 

Our  present  membership  is  one  hundred  and  seventy. 
There  have  been  three  deaths  of  members  of  the  Exchange 
during  the  past  year. 

The  arbitration  committee  have  had  but  one  case  brought 
before  them  during  the  year  and  that  resulted  in  the  expul¬ 
sion  of  the  offending  member.  In  the  past  as  in  previous 
years  there  have  been  quite  a  number  of  so  called  bogus  or 
swindling  concerns  doing  a  pretended  commission  business 
in  this  city  and  soliciting  consignments  of  produce  by  send¬ 
ing  broadcast  over  the  country  quotations  largely  above  the 
current  prices.  In  this  manner  many  innocent  and  too  con- 
tiding  country  merchants  have  been  victimized.  An  Official 
Market  Report  is  issued  weekly,  under  the  authority  of  the 
Exchange,  giving  a  full  report  of  the  state  of  the  market, 
with  quotations  on  all  the  leading  articles.  Under  the  revised 
code  of  by-laws,  adopted  during  the  past  year,  this  report  is 
now  revised  under  the  direct  supervision  of  the  committee 
on  prices,  while  every  member  of  the  Exchange  who  is  in- 
.terested  is  invited  to  sit  with  them  and  assist  in  the  making 
up  of  the  report.  In  this  way  a  more  accurate  and  reliable 
report  of  our  market  has  been  presented  than  ever  before. 
An  increasing  interest  is  being  taken  in  this  department  of 
our  work. 

Early  in  the  year,  through  the  courtesy  of  the  manage- 


33 


ment  of  the  National  Despatch  and  Star  Union  lines  of  trans¬ 
portation,  an  opportunity  was  afforded  for  some  seventy  of 
our  members  to  attend  the  convention  of  the  National  Butter, 
Cheese  and  Egg  Association,  at  Chicago.  The  trip  proved 
a  very  enjoyable  one  and  no  doubt  resulted  in  material  benefit 
to  those  participating,  both  in  the  matter  of  acquiring  valuable 
information  and  also  in  the  forming  of  new  business  connec¬ 


tions  with  Western  merchants. 

It  has  been  felt  for  several  years  that  our  merchants 
were  not  receiving  the  accommodation  to  which  they  were  en¬ 
titled  in  the  matter  of  refrigerator  cars,  in  the  summer  season, 
for  butter  arriving  over  some  of  the  Northern  railroads. 
Your  committee  on  transportation  have  had  this  matter  in 
charge  and  it  is  probable  that  improved  facilities  will  be  se¬ 
cured  through  their  efforts. 

The  subject  of  a  bureau  of  credits  in  connection  with  the 
Exchange  has  been  brought  to  the  attention  of  your  Board, 
and  has  also  been  informally  discussed  at  a  recent  meeting  of 
the  Exchange.  No  action  has  yet  been  taken,  but  we  hope  this 
subject  may  soon  receive  your  further  consideration.  It  would 
seem  that  a  feature  of  this  kind,  or  at  least  an  organized  ef¬ 


fort  within  our  membership,  to  protect  each  other  from  loss 
through  such  parties  as  are  found  to  be  unworthy  of  trust, 
could  be  made  of  ^reat  value  to  our  members. 

The  subject  of  selling  Produce,  such  as  grain,  meal,  beans 
and  like  articles,  by  weight,  that  is  by  the  cental  or  one  hun¬ 
dred  pounds,  instead  of  by  the  bushel,  is  just  now  receiving 
the  attention  of  the  several  commercial  organizations  of  the 
country.  This  system  is  now  in  practice  in  Liverpool  and 
other  commercial  cities  of  Great  Britain,  also  in  San  Fran¬ 
cisco,  and  a  few  other  cities  of  our  own  country.  This  method 
would  greatly  simplify  the  work  of  computing  values  on  these 
articles  and  as  there  seems  to  be  no  reasonable  objection  to 
the  proposed  system,  it  is  hoped  that  it  may  soon  be  gener¬ 
ally  adopted. 


u 


Statistics  of  the  receipts  of  all  kinds  of  Produce  have 
been  compiled  and  placed  upon  the  books  from  da'y  to  day* 
Our  telegraphic  market  reports  have  also  been  full  and  com¬ 
plete  and  are  believed  to  have  given  general  satisfaction. 

It  lias  been  found  necessary  to  make  the  annual  mem¬ 
bership  fee  higher  than  last  year,  but  the  rate  is  now  very 
low  compared  with  that  of  similar  organizations  in  other 
cities. 

The  expenses  for  the  present  year  have  been  materially 
reduced  without  impairing  the  efficiency  or  usefulness  of  the 
Exchange. 

Respectfully  submitted, 

In  behalf  of  the  Board  of  Directors, 

RICHARD  H.  CHAMBERLAIN, 

Secretary. 


Boston,  Jan.  9,  1879. 


\ 


36 


Preamble  and  Resolutions  passed  at  a  meeting  of  the 
members  of  the  Boston  Produce  Exchange ,  held  March  7, 
1877 ,  on  the  occasion  of  the  Death  of  Mr.  David  C.  Meloon. 

The  President ,  Freeman  J.  Doe,  in  the  Chair. 

Whereas, — It  has  pleased  our  Heavenly  Father  to  suddenly 
and  unexpectedly  remove  from  our  midst  our  late 
friend  and  associate  David  C.  Meloon,  and  by  that 
act  to  admonish  us  that  life  is  uncertain,  and  that 
at  any  moment  His  call  may  come  to  us  :  therefore, 

Resolved, — That  by  his  death  we  have  lost  one  of  our  oldest 
associates  in  the  trade,  and  that  the  many  excellent 
traits  of  his  character  are  well  worthy  of  our  emula¬ 
tion. 

Resolved, — That  we  tender  our  condolence  to  the  family  of 
our  late  associate  assuring  them  that  an  all  wise 

O 

Providence  doeth  all  for  the  best. 

* 

Resolved, — That  we  attend  the  funeral,  and  that  a  copy  of 
the  above  be  sent  to  the  family  of  the  deceased. 

Preamble  and  Resolutions  passed  by  the  Boston  Produce 
Exchange,  August  15,  1877,  on  the  occasion  of  the  Death 
of  Joseph  W.  Merriam. 

Whereas , — It  has  pleased  God  to  remove  from  our  midst, 
by  death,  Mr.  Joseph  W.  Merriam,  our  esteemed 
associate  in  business,  who  by  a  long  and  honored 
career  of  nearly  half  a  century,  had  become  endear¬ 
ed  to  many  and  known  to  us  all,  and  whereas  in 
his  last  sickness  and  peaceful  and  easy  departure 
we  recognize  the  hand  of  a  kind  Providence,  and 
humbly  submit  to  the  will  of  Him  who  doeth  all 
things  well ;  therefore, 


37 


Resolved , — That  our  most  heartfelt  sympathies  and  condo¬ 
lence  be  extended  to  his  widow,  the  companion  of 
his  life  for  so  many  years,  and  to  his  children  and 
other  relatives  in  this  hour  of  their  sjreat  affliction. 

Resolved , — That  a  copy  of  these  resolutions  be  placed  on 
file,  and  one  sent  to  the  family  of  the  deceased. 


Resolutions  passed  at  a  meeting  of  the  members  of  the 

Boston  Produce  Exchange ,  held  January  5 ,  1878 ,  on  the 

occasion  of  the  Death  of  Eh en  Holden ,  Jr. 

The  President ,  Freeman  J.  Doe ,  in  the  Chair. 

In  view  of  the  loss  we  have  sustained  by  the  decease  of  our 
friend  and  associate,  Eben  Holden,  Jr.,  and  of  the 
still  greater  loss  sustained  by  those  who  were  near¬ 
est  and  dearest  to  him  ;  therefore, 

Resolved , — That  it  is  but  a  just  tribute  to  the  memory  of 
the  departed  to  say  that  in  regretting  his  removal 
from  our  midst  we  mourn  for  one  who  was  in  every 
way  worthy  of  our  respect  and  regard. 

Resolved , — That  we  sincerely  condole  with  the  family  of  the 
deceased  in  this  dispensation  with  which  it  has 
pleased  Divine  Providence  to  afflict  them,  and  com¬ 
mend  them  for  consolation  to  Him  who  orders  all 
things  for  the  best. 

Resolved , — That  this  heartfelt  testimonial  of  our  sympathy 
and  sorrow  be  forwarded  to  the  family  of  our  de¬ 
parted  friend  by  the  Secretary. 


Preamble  and  Resolutions  passed  at  a  meeting  of  the 
Boston  Produce  Exchange ,  held  January  28,  1878,  on  the 
occasion  of  the  Death  of  Charles  11.  Adams. 

The  President,  Austin  Belknap,  in  the  Chair. 


38 


Whereas, — God  in  the  dispensation  of  his  Providence  has  re¬ 
moved  by  the  hand  of  Death  another  of  our  mem¬ 
bers, 

Resolved, — That  in  the  death  of  the  late  C.  H.  Adams,  we 
have  parted  company  with  a  kind  hearted  man  a  re¬ 
spected  and  genial  companion  and  a  true  gentleman. 

Resolved, — That  while  we  cannot  realize  the  loss  they  have 
sustained,  to  whom  the  deceased  was  nearest  and 
dearest,  we  extend  to  them  our  heartfelt  and  tender 
sympathies  in  this  hour  of  their  bereavement  and 
sorrow. 

Resolved, — That  a  copy  of  these  resolutions,  properly  certi¬ 
fied,  be  forwarded  to  the  family  of  our  late  friend 
and  associate,  also  that  they  be  recorded  in  the 
records  of  the  Exchange. 


Resolutions  passed  at  a  meeting  of  the  Boston  Produce 
Exchange,  held  June  3,  1878,  on  the  occasion  of  the  Death 
of  On  * in  Cone. 

The  President,  Austin  Belknap,  in  the  Chair. 

It  having  become  our  sorrowful  duty  to  record 
the  decease  of  another  member  of  this  Exchange,  in 
the  death  of  our  late  friend  and  associate  Orrin 
Cone,  and  desiring  to  place  upon  record  our  appreci¬ 
ation  of  his  exemplary  character  and  many  virtues 
it  is  hereby 

Resolved, — That  by  this  afflicting  event  we  part  with  a  gen¬ 
ial  and  warm  hearted  companion,  strictly  honest 
and  upright  in  all  his  business  intercourse,  and 
whose  many  estimable  qualities  of  mind  and  heart 
had  won  the  respect  and  endearment  of  all  with 
whom  he  came  in  contact, 

Resolved, — That  we  tender  to  the  family  of  our  departed 
friend,  our  sincere  sympathy  in  their  bereavement. 


39 


Resolved , — That  these  resolutions  he  entered  upon  the  rec¬ 
ords  of  the  Exchange  and  that  a  copy,  properly  at¬ 
tested,  he  forwarded  to  the  family  of  the  deceased. 

Preamble  and  Resolutions  passed  at  a  meeting  of  the 
Boston  Produce  Exchange ,  held  July  1,  28  78,  on  the  occa¬ 
sion  of  the  Death  of  W.  L.  Southard. 

The  President ,  Austin  Belknap ,  in  the  Chair. 

Whereas , — It  has  pleased  our  Heavenly  Father  to  remove 
by  death  our  friend  and  associate  W.  L.  Southard ; 
therefore, 

Resolved, — That  it  is  hut  a  just  tribute  to  the  memory  of  the 
departed  to  say,  that  in  regretting  his  removal 
from  our  midst,  we  mourn  for  one  who  was  in  every 
way  worthy  of  our  confidence  and  respect.  An 
honest,  upright  man  in  all  of  his  dealings,  a  kind 
and  affectionate  Father  and  Husband,  a  true  Christ¬ 
ian,  and  a  noble  man. 

Resolved, — That  the  Secretary  be  instructed  to  transmit  a 
copy  of  these  resolutions  to  the  family  of  the  de¬ 
ceased  and  that  a  record  of  the  same  be  entered  on 
the  books  of  the  Exchange. 


ACT  OF  INCORPORATION 


AND 

BY-LAWS 

OF  THE 

Boston  Produce  Exchange. 

- <■«»►> - 

ACT  OF  INCORPORATION. 
Commonwealth  of  Massachusetts. 

IN  THE  YEAR  ONE  THOUSAND  EIGHT  HUNDRED  AND 

SEYENTY-SEYEN. 

AN  ACT 

TO  IN  CORPORATE  THE  BOSTON  PRODUCE  EXCHANGE. 


Be  it  enacted  by  the  Senate  and  House  of 
Representatives ,  in  General  Court  assembled ,  and 
by  the  authority  of  the  same ,  as  follows; 

Section  1.  Freeman  J.  Doe,  Salmon  P. 
Hibbard,  Morris  B.  Boynton,  David  Ellis,  Reu¬ 
ben  P.  Benton,  their  associates  and  successors, 
are  hereby  made  a  corporation  by  the  name  of  the 
Boston  Produce  Exchange,  for  the  purpose  of 
promoting  and  increasing  the  facilities  for  trade 
in  produce  in  the  City  of  Boston  and  its  vicinity, 


Name. 


42 


Limit  of 
Property. 


with  all  the  powers  and  privileges  and  subject  to 
all  the  duties  and  liabilities  set  forth  in  all  general 
laws  which  now  are  or  hereafter  may  be  in  force 
concerning  such  corporations :  provided ,  that 
nothing  in  this  act  contained  shall  be  construed 
to  authorize  said  corporation  to  traffic  in  goods, 
wares  or  merchandise  of  any  description. 

Sec.  2.  Said  corporation  may  hold  real  and 
personal  estate  to  an  amount  not  exceeding  one 
hundred  thousand  dollars,  to  be  devoted  exclu¬ 
sively  to  the  purposes  of  said  corporation. 

Sec.  3.  This  act  shall  take  effect  upon  its 
passage. 

House  of  Representatives,  Feb.  14,  1877. 
Passed  to  be  enacted. 

JOHN  D.  LONG,  Speaker . 


In  Senate,  February  15,  1877. 
Passed  to  be  enacted. 

JOHN  B.  D.  COGSWELL,  President. 


Approved. 


February  16,  1877. 
ALEXANDER  H.  RICE. 


Secretary's  F>ept.,  Boston,  Feb.  17,  1877, 

A  true  copy.  Attest : 

HENRY  B.  PEIRCE, 
Secretary  of  the  Commonwealth . 


r 


Objects. 

The  objects  of  this  Association  are  :  To  pro¬ 
vide  and  regulate  a  suitable  room  or  rooms  for  a 
Produce  Exchange  in  the  City  of  Boston  ;  to  pro¬ 
mote  just  and  equitable  principles  of  trade ;  to 
establish  and  maintain  uniformity  in  commercial 
usages  ;  to  correct  any  abuses  which  may  exist,  to 
acquire,  preserve  and  disseminate  valuable  busi¬ 
ness  information,  and  generally  to  advance  the  in¬ 
terests  of  trade  and  commerce  among  its  members 
in  the  legitimate  pursuit  of  their  business. 

Article  I. 

Any  person  of  good  character  and  credit  con¬ 
nected  with  the  Produce,  Flour,  Grain  or  Pro¬ 
vision  trade,  doing  business  within  the  limits  of 
New  England,  desiring  to  become  a  member  of 
this  Exchange  may  make  application  to  the  Board 
of  Directors  and  if  approved  by  them,  may  be¬ 
come  a  member  by  signing  the  By-Laws  and  pay¬ 
ing  the  regular  fees  and  assessments  established 
by  the  Exchange. 


Members. 


Article  III. 


Voting. 


Each  member  of  this  Exchange  shall  be  en¬ 
titled  to  one  vote,  and  no  voting  by  proxy  shall 
be  allowed. 


Article  IV. 

°fficerS'  The  officers  of  this  Exchange  shall  consist  of 

a  President,  Vice  President,  Secretary,  Treasurer, 
when  elected.  anc^  nine  Directors,  who  shall  be  elected  by  ballot 
at  each  annual  meeting  and  shall  hold  their  offices 
Term  of  office.for  the  term  of  one  year,  or  until  others  are  elect¬ 
ed  in  their  place. 

The  President,  Vice  President  and  Directors 

Board  of 

Directors. shall  together  constitute  a  Board  of  Directors  for 
the  government  of  the  Exchange. 

Commencem’nt  The  officers  shall  enter  upon  their  official 
ot  othciai  term.  jnties  immediately  after  their  election. 


Article  V. 

Sect.  1.  It  shall  be  the  duty  of  the  Presi- 
*  officers, dent,  or  in  his  absence  the  Vice  President,  to  pre- 
President  and  side  at  all  meetings  of  the  Exchange  and  Board  of 

Vice  President.  °  ° 

Directors,  to  preserve  order  and  enforce  the  rules 
established  by  parliamentary  usage. 


45 


Sec.  2.  It  shall  be  the  duty  of  the  Secre-  secretary, 
tary  to  notify  members  of  the  time  and  place  of 
meetings,  to  attend  the  meetings  of  the  Exchange 
and  Board  of  Directors,  and  to  keep  a  fair  and 
correct  record  of  the  transactions  of  the  same  in 
separate  books  provided  for  that  purpose.  The 
name  of  the  Secretary  shall  be  appended  to  all 
notices  given  through  the  public  prints. 

Sec.  3.  It  shall  be  the  duty  of  the  Treasu-  Treasurer, 
rer  to  collect,  at  least  once  a  year,  all  moneys 
due  the  Exchange,  and  to  pay  all  bills  when 
properly  approved. 

Sec.  4.  The  Board  of  Directors  shall  haveBoard  of 
general  charge  and  superintendence  of  the  affairs,  Directors, 
interests  and  property  of  the  Exchange. 

Sec.  5.  They  shall  make  an  abstract  report 
of  its  proceedings  and  general  condition  at  the 
regular  monthly  meetings,  and  at  the  annual 
meetings  shall  make  a  full  report  of  its  doings  for 
the  year. 

Sec.  6.  It  shall  also  be  their  duty  to  pro¬ 
vide  suitable  rooms  for  the  Produce  Exchange, 
cause  them  to  be  supplied  with  such  papers,  mar¬ 
ket  reports  and  other  means  of  information  as 
the  interests  and  wants  of  the  Exchange  in  their 
judgment  may  demand. 

Sec.  7.  They  shall  employ  such  clerk  or  clerks 
as  they  may  deem  necessary  for  the  promotion  of 
its  interests,  with  the  means  at  their  disposal. 

Sec.  8.  The  Board  of  Directors  shall  at  Appointment 

j-i  *  r*  i  j  •  ii  •  i  i  •  •  iii  ol  Committees, 

their  first  meeting  after  their  election ,  appoint  the 
following  committees,  consisting  of  five  members 
each,  who  shall  be  members  of  the  Exchange  but 
not  of  the  Board  of  Directors  : 

First , — A  Committee  on  Complaints,  whose  complaints 
duty  it  shall  be  to  investigate  all  complaints 


46 


i 

Arbitration. 

against  members  of  the  Exchange,  and  who  shall  if 
desired,  grant  a  hearing  to  the  parties  interested. 

If  the  committee  are  unable  to  conciliate  the 
parties  in  dispute,  the  matter  shall  be  referred  to 
the  Committee  on  Arbitration  or  to  the  Board  of 
Directors  for  further  consideration. 

All  complaints  against  members  of  this  Ex¬ 
change  shall  be  stated  in  writing,  addressed  to  the 
chairman  of  this  committee  who  shall  cause  a  copy 

to  be  transmitted  to  the  member  against  whom  the 

© 

complaint  is  made. 

Second , — A  Committee  on  Arbitration  whose 
duty  it  shall  be  to  investigate  and  decide  all  dis¬ 
putes  and  difficulties  of  a  financial,  mercantile  or 
commercial  character,  which  may  be  submitted  to 
them. 

t 

The  summoning  of  witnesses,  and  the  receiv¬ 
ing  of  testimony  under  oath  or  otherwise  shall  be 
at  the  discretion  of  this  committee.  Its  decisions 

Trade. 

may  be  appealed  from  and  appellate  jurisdiction 
exercised  by  the  Board  of  Directors,  whose  deci¬ 
sion  shall  be  final. 

Third , — A  Committee  on  Trade,  whose  duty 

Prices. 

it  shall  be  to  regulate,  as  far  as  may  be  practica¬ 
ble,  the  rates  of  commission  charged  for  selling 
goods,  and  to  establish  uniformity  in  the  customs 
and  usages  of  the  Produce  trade. 

Fourth j —  A  Committee  on  Prices,  whose  du¬ 
ty  it  shall  lie  to  regulate,  as  far  as  may  be  desira¬ 
ble  and  practicable,  the  prices  of  certain  staple  ar¬ 
ticles  of  Produce,  and  to  maintain  uniformity  in 
the  same. 

This  committee  shall  meet  once  a  week. 

information  Fifth , — A  Committee  on  Information  and 

and  Statistics.  J 

Statistics,  whose  duty  it  shall  he  to  procure  from 


47 


all  the  railroads  and  steamboat  lines  a  record  of  the 
daily  receipts  of  all  descriptions  of  Produce,  which 
shall  be  kept  at  the  Exchange  Rooms  in  books  for 
that  purpose,  and  to  obtain  such  information  and 
statistics  at  large  as  shall  be  of  value  to  the  Ex¬ 
change. 

Sixth , — A  Committee  on  Transportation  ,  Transportation 
whose  duty  it  shall  be  to  arrange  with  the  different 
railroads  and  steamboat  lines  for  the  best  and 
cheapest  transportation  of  Produce,  and  to  perform 
any  other  duties  which  may  properly  come  before 
them. 

Seventh , — It  shall  be  the  duty  of  the  Board  ofSpeciai 
Directors  to  appoint  special  committees  from  time 
to  time,  as  the  interests  and  wants  of  the  trade 
shall  demand. 

Article  VI. 


Sec.  1.  It  shall  be  the  duty  of  the  Board  of 
Directors  to  examine  all  charges  of  misconduct  in 


Discipline  of 
members. 


business  matters,  preferred  against  any  member  of 
this  Exchange,  when  made  to  the  President  or 
Secretary  in  writing  by  the  Committee  on  Com¬ 
plaints,  and  if  the  party  charged  shall  be  found 
guilty  of  a  violation  of  the  rules,  of  a  breach  of 
contract,  or  any  other  act  contrary  to  the  spirit 
which  should  govern  all  commercial  transactions, 
they  shall  report  the  same  to  the  Exchange,  eith¬ 
er  at  a  regular  monthly  meeting  or  at  a  meeting 
called  for  that  purpose,  and  the  aforesaid  member  Expulsion  of 

member! 

shall  be  expelled  if  so  determined  by  a  majority  of 
the  members  present. 

Sec.  2.  No  member  however  shall  be  expelled 
without  having  an  opportunity  of  being  heard  in 
his  defence ;  and  any  member  having  been  ex¬ 
pelled,  shall  be  ineligible  to  membership  until  the 
Exchange  may  see  tit  to  remove  his  disability. 


48 


All  votes  on  expulsion  shall  be  taken  by  writ¬ 
ten  ballot ;  notice  of  such  action  shall  be  given  by 
the  Secretary  to  the  expelled  party,  and  bis  name 
erased  from  the  books. 

Article.  VII. 


Monthly 

meetings. 


Sec.  1.  Regular  meetings  of  the  Exchange 

O  O  O 

shall  be  held  on  the  first  Monday  of  each  month, 
unless  that  be  a  legal  holiday,  in  which  case  the 
meeting  shall  be  held  on  the  day  following. 

Sec.  2.  The  annual  meetings  for  the  choice 
of  officers  and  the  transaction  of  other  business 
shall  be  held  on  the  second  Monday  in  January  of 
each  year,  at  two  o’clock  in  the  afternoon. 

Sec.  3.  Special  meetings  shall  be  called  by 
the  President  or  Secretary  at  the  written  request 
SpeCmeetings.  of  ten  members,  or  whenever  the  Board  of  Direc¬ 
tors  deem  it  advisable. 


Annual 

meetings. 


Article  VIII. 

Quorum.  Twenty-five  members  shall  constitute  a  quo¬ 

rum  of  the  Exchange,  and  five  members  of  the 
Board  of  Directors  shall  constitute  a  quorum  of 
that  body. 


Article  IX. 


Vacancies 
how  filled. 


Vacancies  occuring  from  any  cause  in  the 
Board  of  Directors  shall  be  filled  by  vote  of  that 
body. 

Vacancies  in  any  of  the  committees  shall  be 
filled  by  the  Board  of  Directors. 


Article  X. 

# 

Regular  meetings  of  the  Board  of  Directors 

d  ^  ® 

meetings.  shall  be  held  on  the  last  Thursday  in  each  month, 
except  when  the  same  shall  fall  upon  a  legal  holi- 


49 


day,  in  which  case,  the  meeting  shall  he  held  on 
the  day  following. 

Special  meetings  shall  he  called  at  the  request 
of  live  members,  or  whenever  the  President  shall 
direct. 

Article  XI. 

The  Board  of  Directors  shall  annually  appoint 
from  their  own  number,  Committees  on  Rooms  and 
Finance,  consisting  of  three  persons  each. 

The  committee  on  rooms  shall  have  special 
charge  of  the  rooms  occupied  by  the  Exchange,  and 
shall  make  provision  for  the  care  of  the  same. 

The  committee  on  finance  shall  audit  all  bills 
or  claims  against  the  Exchange,  authorized  by  the 
Board  of  Directors,  and  approve  the  same  before 
payment  by  the  Treasurer.  This  committee  shall 
also  audit  the  Treasurer’s  annual  account. 

Article  XII. 

Xo  officer,  or  member  of  the  Board  of  Di-Contracti"|bts 
rectors,  or  member  of  the  Exchange,  shall  contract 
or  incur  any  debt  on  behalf  of  this  Exchange,  or 
in  any  way  render  it  liable,  unless  by  vote  of  the 
Board  of  Directors. 


Article  XIII. 

It  shall  be  the  duty  of  every  committee  ap-Ducommittees. 
pointed  by  the  Board  of  Directors  to  act  when 
called  upon  by  any  member  or  members  of  the 
Exchange  having  occasion  for  their  services. 

Article  XIV. 

.  in  .  .  Officers  of 

Each  committee  shall  appoint  its  own  chair-  Committees, 
man  to  preside  at  and  call  its  meetings,  and  a  sec¬ 
retary  who  shall  keep  a  full  and  correct  record  of 


50 


all  its  doings,  and  notify  members  of  the  commit¬ 
tee  of  the  time  and  place  of  meetings. 


Article  XV. 


Order  of 

business. 


At  all  meetings  of  the  Exchange  or  Hoard  of 

O  O 

Directors,  the  following  shall  be  the  order  of  busi¬ 
ness  :  first,  call  to  order ;  second,  calling  of  the 
roll ;  (which  may  be  dispensed  with)  third,  read¬ 
ing  of  the  minutes  of  the  previous  meeting  ;  fourth, 
reports  of  committees  ;  fifth,  unfinished  business  ; 
sixth,  general  business  ;  seventh,  adjournment. 


Motions, 

how  made. 


Article  XVI. 

All  motions  shall  be  made  in  writing  when  so 
called  for  by  any  member.  Xo  debate  shall  be 
allowed  except  on  a  motion  regularly  before  the 
Exchange,  but  a  motion  may  be  introduced  with 
prefatory  remarks. 


Article  XVII. 

Amendments.  These  By-Laws  may  be  added  to,  repealed, 
or  amended,  by  a  vote  of  two  thirds  of  the  mem¬ 
bers  present  and  voting  at  any  general  meeting  of 
the  Exchange,  notice  of  such  change  having  been 
given  at  least  two  weeks  previous. 


Article  XVIII. 

Aggl  members.  Members  aggrieved  by  any  regulations  estab¬ 
lished  by  the  Board  of  Directors  for  the  manage¬ 
ment  of  the  Exchange,  may  appeal  therefrom  at 
any  general  meeting,  provided  that  notice  of  such 
an  appeal  shall  have  been  given  at  least  four  weeks 
previous. 

Article  XIX. 

Any  member  of  this  Exchange  may  introduce 
visitors  into  the  rooms  by  entering  their  names  and 


Visitors. 


51 


place  of  business  in  a  book  to  be  kept  for  that  pur¬ 
pose.  Visitors  shall  not  be  allowed  these  privi¬ 
leges  for  more  than  five  consecutive  days. 

No  persons  but  members  shall  be  permitted 
to  negotiate  or  transact  business  in  the  Exchange 

ft  ft 

room. 


Article  XX. 


Each  firm  represented  in  the  Exchange  shall 
be  entitled  to  one  or  more  clerks’  tickets  of  admis¬ 
sion  to  the  rooms,  upon  application  to  and  approval 
of  the  Board  of  Directors ,  upon  the  annual  pay¬ 
ment  of  three  dollars  for  every  such  ticket. 

Holders  of  such  tickets  shall  have  a  right  to 


Clerks’  tickets. 


transact  business  in  the  Exchange  rooms  in  the  ab- 

o 


sence  of  the  members  of  the  firm,  on  firms  account 
only. 


MEMBERS 


OF  THE 

Boston  Produce  Exchange. 


MEMBERS. 

Aldrich,  Ambrose 
Aldrich,  Harrison 
Alexander,  James 
Amsden,  T.  J. 
Andrews,  S.  W. 
Ayers,  Eli 
Anthony,  D.  M. 
Baldwin,  E.  E. 
Baldwin,  Charles  A. 
Barrows,  Cyrus  M. 
Bell,  William  G. 

Bell,  Albert  D.  S. 
Bean,  H.  S. 

Beal,  E.  W. 

Belknap,  Austin 
Belknap,  L.  A. 
Bennett,  j.  H. 
Boynton,  Morris  B. 
Boynton,  William  R. 
Benton,  Ruben  P. 
Burr,  Sidney  L. 
Butterfield,  Alvin  B. 
Bigelow,  Jona. 

Call,  John  M. 

Carey,  J.  H. 

Chapin,  Chas.  P. 
Chapin,  Nahum  H. 
Chapin,  Edward  D. 
Chapin,  Gardner  B. 
Chapin,  H.  O. 
Chapin,  Ira 
Chapin,  Gardner 


FIRM. 

Ambrose,  Aldrich  &  Co. 

Ag’t.  Cunard  S.  S.  Co. 

Simmons,  Amsden  &  Co. 

Representing  N.  K.  Fairbank  &  Co.  Chicago. 
Hinckley,  Ayers  &  Co. 

Anthony,  Swift  &  Co.  Fall  River,  Mass. 
C.  Wright  &  Co. 

Baldwin,  Farnuin  &  Sliapleigh. 

W.  G.  Bell  &  Co. 

u  u  u 

Conant  &  Bean. 

Newton  &  Beal. 

Belknap  &  Boynton. 

Lyman  Belknap  &  Co. 

Bennett,  Rand  &  Co. 

Utley  &  Boynton. 

Belknap  &  Boynton. 

Benton,  Caverly  &  Co. 

S.  L.  Burr  &  Co. 

A.  B.  Butterfield  &  Co. 

Jona.  Bigelow  &  Co. 

Roberts,  Call  &  Co. 

Parker  &  Carey. 

Davis,  Chapin  &  Co. 

a  u  <( 

Gass,  Doe  &  Chapin. 

Meloon  &  Chapin. 

Chapin  Bros. 

il  u 

u  a 


54 


MEMBERS. 
Chamberlin,  V.  R. 
Caverly,  Daniel  F. 
Cochran,  S.  H. 

Conant,  M.  J. 

Crosby,  F.  M. 

Crosby,  Frecl 
Curtis,  J.  Harmon 
Curtis,  Geo.  S. 
Chamberlain,  Richard  H. 
Corr,  Bernard 
Dexter  Geo.  A. 
Dinsmore,  Tlios. 

Dizer,  J.  T. 

Doe,  Freeman  J. 

Dole,  F.  B. 

Dolliver,  E.  C. 

Douglas,  Or  in 
Dudley,  E.  F. 

Dupee,  Cyrus 
Edwards,  R.  S. 

Ellis,  David 
Ellis,  D.  Frank 
Ellis,  D.  Warren 
Ellis,  E.  C. 

Ellis,  J.  R. 

Ellis,  S.  R. 

English,  Abram  T. 
Farnum,  Henry 
Farnum,  Albert  H. 
Fauteaux,  L.  G.  A. 
Favor,  F.  F. 

Fisher,  A.  F. 

Fitch,  Benjamin 
Fiske,  George  W. 
Fletcher,  J.  Y. 

Foster,  R.  B. 

Fowle,  Luke  W. 

Frye,  John  C. 

Gass,  Clias.  H. 

Gleason,  W. 

Glidden,  W.  R. 

Green,  R.  T. 

Green,  M.  K. 

Hale,  Fred  S. 

Hall,  Stacey 


FIRM. 

Lincoln,  Chamberlin  &  Co. 
Benton,  Caverly  &  Co. 

Roberts,  Cochran  &  Co. 

M.  J.  Conant  &  Co. 

Crosby  Bros.  &  Co. 

<c  ((  a 

Curtis  &  Co. 

tt  tt 

Sec’y  Boston  Produce  Exchange. 
Learned  Tompson  &  Co. 

Mitchell,  Dexter  &  Co. 

Tlios.  Dinsmore  &  Co. 

Gass,  Doe  &  Chapin. 

Dole  Brothers. 

Jas.  W.  Roberts  &  Co. 

Favor  &  Dudley. 

Cyrus  Dupee  &  Co. 

Sawin,  Edwards  &  Co. 

David  Ellis  &  Co. 

tt  tt 

Ellis  Bros. 

tt  tt 

J.  R.  Ellis,  &  Sons. 

1 1  tt 

A.  T.  English  &  Co. 

Farnum  &  Co. 

Baldwin,  Farnum  &  Sliapleigli. 
W.  F.  Robinson  &  Co. 

Favor  &  Dudley. 

Morse  &  Fisher. 

Pratt  &  Fitch. 

G.  W.  Fiske  &  Co. 

J.  Y.  Fletcher  &  Co. 

Foster  Weeks,  &  Co. 

Fowle,  Hibbard  &  Co. 

J.  C.  Frye  &  Co. 

Gass,  Doe  &  Chapin. 

W.  Gleason  &  Co. 

Holden  &  Glidden. 

Green  &  Co. 

U  It 

Parker,  Hale  &  Co. 

Hall  &  Cole. 


MEMBERS. 

Hibbard,  Salmon  P. 
Hilton,  John  P. 
Hilton,  James  M. 

Hill,  J.  W. 

Hills,  Win.  N. 
Hinckley,  Benjamin 
Hinckley,  James  G. 
Howe,  F.  H. 

Hollis,  N.  E. 

Holden,  Franklin 
Hodsdon,  B.  P. 

Hyde,  J.  L. 

Hyde,  Joseph  S. 
Hatch,  C.  M. 

Jackson,  L.  D. 

Jones,  Allen  H. 
Kellum,  J.  C. 
Kenerson,  R.  B. 
Kendall,  Edward 
Keyes,  Amos 
Keyes,  Chas.  A. 
Keyes,  D.  W. 
Kimball,  J.  W. 
Knight,  E.  J. 
Lamson,  Jos. 
Lawrence,  Chas. 
Lawrence,  G.  H. 
Lowell,  I).  W. 
Lowell,  Jos.  Q. 
Lowell,  John  M. 
Leonard,  H. 
Lombard,  Geo.  B. 
Mclntire,  Joseph 
Mclntire,  D.  I. 
McPherson,  Eweu  R. 
Mead,  O.  W. 

Miller,  S.  C. 
Mitchell,  Geo.  E. 
Morisou,  L. 
Morrison,  Chas.  E. 
Morrison,  I.  E. 
Morse,  A.  S. 

Morse,  E.  S. 

Morse,  C.  H. 


FIRM. 

Fowle,  Hibbard  &  Co. 
Hilton,  Bros.  &  Co. 

li  i  i  li 

Winn,  Ricker  &  Co. 

C.  H.  Stone  &  Co. 
Hinckley,  Ayers  &  Co. 

U  U 

Bridge,  Fletcher  &  Howe. 
Sawyer,  Hollis  &  Co. 
Holden  &  Glidden. 

B.  P.  Hodsdon  &  Co. 
Simpson,  Mclntire  &  Co. 
Jos.  S.  Hyde  &  Co. 
Bourne  &  Co. 

Benton,  Caverly  &  Co. 
Shattuck  &  Jones. 

Kellum  &  Peirce. 

McPherson  &  Kendall. 
Amos  Keyes  &  Co. 

U  U 

D.  W.  Keyes  &  Co. 
Kimball  Bros. 

Knight  &  Mclntire. 
Lamson  &  Co.  . 

Chas.  Lawrence  &  Co. 
Curtis  &  Co. 

Lowell  Bros. 

U  U 

u  a 

Roberts,  Call  &  Co. 

A.  C.  Lombard’s  Sons. 
Knight  &  Mclntire. 
Simpson  Mclntire  &  Co. 
McPherson  &  Kendall. 

A.  &  O.  W.  Mead  &  Co. 
Curtis  &  Co. 

Mitchell,  Dexter  &  Co. 
Seaverns  &  Co. 

C.  E.  Morrison  &  Co. 

U  U 

A.  Aldrich  &  Co. 

Morse  &  Fisher. 

Morse  &  Smith. 


56 


MEMBERS. 

FIRM. 

Newell,  Bichard  A. 

A.  B.  Butterfield  &  Co. 

Newton,  H.  P. 

Newton  &  Beal. 

Newton,  S.  P. 

Swan  &  Newton. 

Niles,  Sullivan 

Niles  Bros. 

North,  Chas.  H. 

Chas.  North  &  Co. 

Noyes,  W.  W. 

W.  W.  &  C.  R.  Noyes. 

Noyes,  C.  R. 

Cl  Cl 

Parker,  M.  A. 

Parker  &  Carey. 

Pierce,  A.  P. 

Ivellum  &  Pierce. 

Peirce,  L.  E. 

Goodall,  Peirce  &  Co. 

Phipps,  Theo. 

Representing  Lyon  Dupuy  &  Co. 

Pool,  J.  H. 

Pool  Bros. 

Pool,  Wm.  F. 

a  a 

Potter,  E.  K. 

Potter  &  Torrey. 

Pratt,  C.  F. 

Pratt,  &  Fitch. 

Puffer,  A.  D 

Representing  Sands  &  Furnald. 

Prior,  Wm.  Jr. 

Wm.  Prior  Jr.  &  Co. 

Rand,  Chas.  A. 

Bennett,  Rand  &  Co. 

Randall,  Joel.  W. 

J.  W.  Randall. 

Roberts,  James  W. 

J.  W.  Roberts  &  Co. 

Roberts,  A. 

Roberts,  Cochran  &  Co. 

Roberts,  G.  T. 

Roberts,  Call  &  Co. 

Robinson,  W.  F. 

W.  F.  Robinson  &  Co. 

Robinson,  C.  H. 

Cl  1C 

Rollins,  L.  B. 

Foster,  Weeks  &  Co. 

Sawin,  N.  D. 

Sawin,  Edwards  &  Co. 

Scovell,  0.  A. 

Thos.  Dinsmore  &  Co. 

Seaverns,  H.  G. 

Seaverns  &  Co. 

Shapleigh,  C.  H. 

Baldwin,  Farnum  &  Shapleigh. 

Simpson,  Greenlief  W.  Simpson,  Mclntire  &  Co. 

Skilton.  S.  H. 

Charles  H.  North  &  Co. 

Slayton,  E.  M. 

Manchester,  N.  H. 

Slade,  Lucius 

Smith,  W.  N. 

Goulard,  Smith  &  Co. 

Smith,  Guy 

Morse  &  Smith. 

Smith,  H.  D. 

Watson,  Smith  &  Co. 

Stone,  C.  H. 

C.  H.  Stone  &  Co. 

Stone,  J.  W. 

Sturges,  P.  F. 

P.  F.  Sturges  &  Co. 

Sullivan,  F. 

C.  C.  Chamberlain  &  Co. 

Swan,  Henry 

Swan  &  Newton. 

Swift,  E.  C. 

Anthony,  Swift  &  Co.,  Fall  River, 

Squire,  John  P. 

J.  P.  Squire  &  Co. 

Squire,  F.  0. 

Cl  Cl 

Mass. 


57 


MEMBERS. 

FIRM. 

Tinkham,  G.  PI. 

Tibbetts,  S.  D. 

Hill,  Tibbetts  &  Co. 

Torrey,  G.  W.  Jr. 

Potter  &  Torrey. 

Tryou,  James 

• 

Tattle,  J.  W. 

J.  W.  Tuttle  &  Sons. 

Utley,  John 

Utley  &  Boynton. 

Upton,  James  M. 

Putnam,  Wiggin  &  Upton. 

Vincent,  W.  S. 

M.  J.  Conant  &  Co. 

Watts,  Isaac 

Watts  &  Willis. 

Waterhouse,  I. 

Waterhouse  &  Morrison. 

Wellington,  H. 

Utley  &  Boynton. 

White,  J.  W. 

Powle,  Hibbard  &  Co. 

Willis,  J.  C. 

Watts  &  Willis. 

Wiggin,  William  P. 

Putnam,  Wiggin  &  Upton. 

Wiggin,  Luther  P, 

L.  P.  Wiggin  &  Co. 

Wright,  Chandler 

C.  Wright  &  Co. 

STATISTICS. 


Produce  and  Provisions. 


The  receipts  of  Provisions  and  Produce,  at  Boston,  for 
three  years  past,  have  been  as  follows  : — 


1876. 

1877. 

1878. 

Pork,  bbls. 

43,190 

38,750 

41,769 

Lard,  tierces 

72,908 

81,342 

121,540 

Lard,  cases 

32,764 

30,624 

27,039 

Bacon,  boxes 

174,021 

162,390 

175,581 

Hams,  tierces 

8,972 

10,099 

14,011 

Hams,  bbls. 

5,989 

4,525 

4,648 

Dressed  Hogs,  No. 

70,467 

60,327 

26,881 

Live  Hogs,  No. 

361,317 

325,770 

509,884 

Provisions,  pkgs. 

13,409 

Tongues,  bbls. 

2,238 

1,971 

2,306 

Beef,  bbls.  and  tierces 

23,251 

19,790 

12,954 

Butter,  pkgs. 

544,331 

06  / ,  63o 

649,238 

Cheese,  boxes 

136,552 

166,262 

204,270 

Eggs,  boxes 

no  report 

no  report 

41,213 

Eggs,  bbls. 

ii 

<( 

16,934 

Eggs,  cases 

u 

c  < 

107,461 

Beans,  bbls. 

73,948 

62,539 

66,832 

Apples,  bbls. 

no  report 

no  report 

293,398 

Potatoes,  cars 

{  t 

u 

3,034 

Potatoes,  bushels 

U 

u 

415,798 

Hay,  cars 

u 

<  < 

5,343 

.60 


The  exports  from  this  port  have  been  as  follows,  in¬ 
cluding  foreign  and  coastwise  : — 


1870. 

1877. 

1878. 

Pork,  bbls. 

foreign 

43,827 

52,950 

55,007 

4  4 

coastwise 

3,394 

2,055 

1,510 

Lard,  tierces 

foreign 

02,457 

73,031 

105,484 

U 

coastwise 

449 

530 

052 

Lard,  cases,  &c. 

foreign 

7,732 

2,011 

18,181 

U 

coastwise 

1,015 

494 

1,948 

Bacon,  boxes 

foreign 

171,882 

185,472 

200,508 

Beef,  bbls. 

foreign 

9,394 

12,052 

12,889 

coastwise 

322 

273 

445 

Butter,  pkgs. 

25,709 

28,402 

44,154 

Cheese,  boxes 

foreign 

17,855 

40,274 

58,353 

ll 

coastwise 

257 

141 

255 

The  exports  of  Hog  ! 

Product 

from  the  country  have 

been  as  follows  : — 

1870. 

1877. 

1878. 

Pork,  bbls. 

209,023 

271,042 

353,035 

Lard,  lbs. 

210,413,030 

230,821,344 

328,203,059 

Bacon  and  Hams,  lbs. 

419,187,002 

427,000,940 

034,405,545 

i 

\ 


The  exports  of  Butter  and  Cheese  from  the  country, 
have  been  as  follows  : — 


Butter,  lbs. 

Cheese,  lbs. 

Butter,  lbs. 

Cheese,  lbs. 

1878 

20,500,000 

138,500,000 

1873 

4,100,000 

90,000,000 

1877 

21,247,521 

107,304,000 

1872 

5,750,000 

07,750,000 

1870 

11,500,000 

95,200,000 

1871 

7,850,000 

70,500,000 

1875 

4,8(50,000 

95,420,000 

1870 

1,750,100 

09,970,000 

1874 

4,200,000 

92,250,000 

1809 

3,093,000 

50,120,000 

The  range  of  prices,  in  this  market,  for  prime  and  mess 
Pork  for  ten  years  have  been  as  follows  : — 


1878 

Prime  Pork. 
.$7  25  to  11  00 

Mess  Pork. 

$8  25  to  13  00 

1873 

Prime  Pork. 

11  50  to  15  50 

Mess  Pork. 
14  00  to  18  50 

1877 

9  00 

15  50 

13  25 

19  50 

1872 

11  25 

13  00 

13  75 

17  00 

1870 

14  00 

20  00 

17  50 

24  00 

1871 

11  00 

19  00 

13  50 

23  50 

1875 

15  00 

18  00 

21  00 

23  00 

1870 

1G  00 

26  00 

20  00 

23  00 

1874 

14  00 

22  00 

20  50 

24  50 

18G9 

24  00 

28  00 

31  00 

34  50 

61 


The  highest  and  lowest  prices  of  Western  Beef  and 
Lard,  for  ten  years,  have  been  as  follows  : — 

Western  Mess  and  extra.  Western  Mess  and  extra. 

Beef,  per  bbl.  Lard,  per  lb.  Beef,  perbbl.  Lard,  per  lb. 


1878 

$9  00  to  13  50 

6  to  9c 

1873 

8  00  to  13  00 

8  to  9|c 

1877 

11  00 

14  50 

9 

12! 

1872 

10  00 

14  00 

8!  10 

1876 

10  50 

13  50 

104 

15 

1871 

10  00 

18  00 

94  14 

1875 

10  00 

13  50 

13| 

16! 

1870 

12  00 

19  00 

12!  19 

1874 

10  50 

15  00 

9! 

16! 

1869 

16  00 

18  00 

18!  21! 

The  highest  and  lowest  prices  of  Butter  and  Cheese,  for 
ten  years  past,  have  been  as  follows  : — 


1878 

Blitter. 

Good  &  Choice. 
14  to  35 

Common. 

6  to  20 

1878 

Cheese. 

Common  and  Prime. 
3  to  14 

1877 

18 

37 

9 

18 

1877 

6 

16 

1876 

22 

40 

15 

25 

1876 

4 

14! 

1875 

25 

42 

18 

30 

1875 

8 

17 

1874 

27 

45 

18 

38 

1874 

8 

17! 

1873 

26 

40 

15 

25 

1873 

tf 

o 

17 

1872 

20 

37 

12 

15 

1872 

6 

20 

1871 

22 

43 

13 

25 

1871 

6 

16 

1870 

27 

45 

20 

35 

1870 

6 

18! 

1869 

35 

50 

20 

40 

1869 

6 

24 

BREADSTUFFS. 


The  receipts  of  Flour  at  Boston,  including  Grand  Junc¬ 
tion  Railroad,  for  ten  years,  have  been  as  follows  : — 


1878 

bbls.  1,756,557 

1877 

1,860,223 

1876 

1,830,985 

1875 

1,637,972 

1874 

1,890,487 

1873 

bbls.  1,795,272 

1872 

1,586,017 

1871 

1,539,843 

1870 

1,552,579 

1869 

1,479,975 

62 


The  receipts  by  the  Grand  Junction  Railroad,  for  export 
to  Europe,  and  for  distribution  in  neighboring  markets,  have 
been  375,751  bbls.  in  1878,  against  360,829  bbls.  in  1877, 
361,240  bbls.  in  1876,  188,860  bbls.  in  1875,  and  210,080 
bbls.  in  1874. 


The  receipts  of  Corn  Meal  have  been  as  follows  : — 


1878 

bbls.  131,828 

1873 

bbls.  120,295 

1877 

128,436 

1872 

91,538 

1876 

81,265 

1871 

58,348 

1875 

84,108 

1870 

18,266 

1874 

97,938 

1869 

35,442 

The  receipts  of  Corn  and  Oats,  for  ten  years,  have  been 


as  follow 

s  : — 

Corn. 

Oats. 

Corn. 

Oats. 

1878  bu. 

10,083,280 

3,294,618 

1873 

bu.  3,558,362 

3,663,304 

1877 

7,362,718 

3,108,128 

1872 

5,090,755 

2,725,641 

1876 

9,005,375 

2,622,150 

1871 

3,814,720 

2,416,273 

1875 

5,346,340 

2,833,544 

1870 

2,429,942 

2,166,603 

1874 

3,303,641 

3.037,269 

1869 

2,343,840 

1,400,412 

The  receipts 

of  Rye  and 

Shorts 

,  for  the  same 

period, 

have  been  ; 

is  follows  : — 

Rye. 

Shorts. 

Rye. 

Shorts. 

1878  bush. 

32,317 

1,550,947 

1873 

bush.  33,335 

1,428,430 

1877 

38,771 

1,426,013 

1872 

13,989 

1,233,612 

1876 

34,594 

1,858,075 

1871 

36,384 

1,309,981 

1875 

27,878 

1,528,075 

1870 

34,480 

1,301,690 

1874 

34,273 

1,096,126 

18-69 

32,982 

970,969 

The  receipts  of 

Wheat 

and 

Barley,  have 

been  as 

follows  : — 

Wheat. 

Barley. 

Wheat. 

Barley. 

1878 

bush.  3,953,280 

618,189 

1873 

bush.  880,747 

332,849 

1877 

2,061,579 

829,402 

1872 

402,426 

539,038 

1876 

504,767 

798,689 

1871 

492,429 

403,899 

1875 

1,035,109 

530,396  • 

1870 

213,471 

390,514 

1874 

1,362,017 

418,615 

1869 

369,059 

316,871 

63 


The  foreign  exports  of  Flour  and  Grain,  from  this  port, 
for  five  years,  have  been  as  follows  : — 


1878.  1877.  1876. 

1875. 

1874. 

Flour,  bbls 

385,629  231, 

370  268,093  271,171 

287,710 

Corn  Meal,  bbls. 

88,810  99,454  91,106  73,848 

76,277 

Wheat,  bu. 

3,888,609  1,612,814  112,915  784,941 

1,062,366 

Corn,  bu. 

6,669,138  3,182,844  4,160,817 

1,551,776 

380,254 

The  exports 

of  Flour  and  Grain  from  the  United  States, 

for  ten  years,  have  been  as  follows  : — 

• 

Year  ending 

Flour. 

Wheat. 

Corn. 

Corn  Meal. 

bbls. 

bu. 

bu. 

bbls. 

June  30,  18^ 

3,947,333 

72,404,961 

85,461,098 

432,753 

June  30,  1877 

3,343,665 

40,325,611 

70,860,983 

447,907 

June  30,  187G 

3,935,512 

55,073,122 

49,493,572 

354,240 

June  30,  1875 

3,973,128 

53,047,177 

28,858,420 

291,654 

June  30,  1874 

4,094,094 

71,039,928 

34,434,606 

387,807 

June  30,  1873 

2,662,086 

39,204,285 

38,541,930 

463,111 

June  30,  1872 

2,514,535 

26,423,080 

34,491,650 

308,840 

June  30,  1871 

3,653,841 

34,310,906 

9,826,309 

211,811 

June  30,  1870 

3,463,333 

36,583,115 

1,392,115 

187,093 

June  30,  1869 

2,431,873 

17,557,836 

7,047,197 

309,867 

The  highest  and  lowest  prices  for  Flour,  in  this  market, 

for  the  past  year 

,  have  been  as  follows 

Western  superfine,  per  bbl. 

Ohio,  Indiana  and  Michigan 

$3  00  to  4  50 

white  wheat 

4  50  to  7  00 

Common  extras 

3  75  5  50 

Illinois  and  St.  Louis  white 

Wisconsin  and  Minnesota 

wheat 

4  75  8  00 

extras 

4  00  7  00 

Fancy  Minnesota 

6  00  10  00 

The  lowest  and  highest  prices  of  W estern  extra  and  fam¬ 
ily  Flour,  including  choice  brands  St.  Louis,  for  ten  years 
past,  have  been  as  follows  : — 


1878 

$3  75  to 

8  00 

1873 

5  50  to  13  25 

1877 

5  00 

11  00 

1872 

6  00 

13  00 

1876 

4  25 

9  00 

1871 

5  25 

11  00 

1875 

4  50 

9  00 

1870 

4  50 

10  00 

1874 

4  50 

11  00 

1869 

4  75 

14  25 

1 


64 


The  highest  and  lowest  prices  for  Corn,  for  ten  years, 
have  been  as  follows  : — 


1878 

per  bu.  45  to 

60 

1873 

per  bu.  60  to 

90 

1877 

56 

68 

1872 

64 

81 

1870 

58 

75 

1871 

72 

93 

1875 

65 

93 

1870 

78 

1  25 

1874 

82 

1  06 

1869 

80 

1  35 

The  highest  and  lowest  prices  of  Oats  and  Rye,  for  ten 
years,  have  been  as  follows  : — 


Oats. 


Rye. 


Oats. 


Rye. 


1878  per  bn.  29  to  45 

60  to  80 

1873  perbu. 

42  to  65 

80 

to  1  10 

1877  30  68 

65 

1  10 

1872 

38 

65 

85 

1  10 

1876  30  58 

75 

1  00 

1871 

46 

75 

70 

1  20 

1875  41  82 

95 

1  25 

1870 

52 

82 

90 

1  20 

1874  52  72 

1  00 

1  25 

1869 

60 

86 

1  15 

1  65 

The  standard  weight  for  Corn,  Oats,  Potatoes  and  other 

articles  of  produce  sold  by  weight  is  as  follows  :* 

Corn,  per  bu. 

lbs.  56 

Barley. 

per 

bu. 

lbs.  48 

Oats, 

32 

Buckwheat, 

48 

Wheat, 

60 

Clover  seed, 

60 

Beans,  medium 

62 

Herds  Grass, 

45 

Beans,  pea  and  mar. 

62 

Flaxseed, 

56 

Beans,  yellow  eye, 

62 

Peas, 

60 

Beans,  red  kidney, 

58 

Potatoes, 

60 

Rye, 

56 

BOSTON  COLLEGE 


3 


903 


1655924  7 


513733 


BOSTON.  PRODUCE. 


Bapst  Library 

Boston  College 
Chestnut  Hill,  Mass.  02167 


